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All branches of Cooperative are reopening today as branchesa ofFirst Bank, which is based in Troy in Montgomery First Bancorp (Nasdaq: FBNC) will acquire Cooperative’s 21 brancheds in the eastern part of the state plus three Soutn Carolina branches and most of the failed bank’s deposits, borrowings and assets. No depositodr will suffer any losses, First Bank said in an As of May 31, Cooperative had total assets of $970 million and total depositx ofabout $774 million. The acquisition adds $835 million in loans to Firsft Bankand $717 million in deposits, plus liabilitieas of about $873 million.
First Bank is protecteed by a loss-sharing agreement with the FDIC on the acquired loans. With the acquisition, Firs t Bank now has 98 branches in the Triad and other partss of North andSouth Carolina, and a totall of $3.6 billion in assets. Cooperative Bank is the secondc North Carolina bank shuttered this The first, Cape Fear was also based in Wilmington and was closed in The collapse of the real estate marketr and the recession has led to 40 bank failurees nationwide this year.
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