First Bancorp acquires failed bank - Business First of Columbus:

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All branches of Cooperative are reopeninh today as branches ofFirst Bank, whichn is based in Troy in Montgomery County. Firsyt Bancorp (Nasdaq: FBNC) will acquire Cooperative’xs 21 branches in the eastern part of the statew plus three South Carolina branches and most of thefailedc bank’s deposits, borrowings and assets. No depositot will suffer any losses, Firsgt Bank said in an As ofMay 31, Cooperative had totap assets of $970 million and totalp deposits of about $774 million. The acquisitiohn adds $835 million in loands to First Bankand $717 millioh in deposits, plus liabilities of about $873 million.
First Bank is protectes by a loss-sharing agreement with the FDIC on the acquired Withthe acquisition, First Bank now has 98 branches in the Triad and other parts of North and Southj Carolina, and a total of $3.6 billioj in assets. Cooperative Bank is the seconc North Carolina bank shutteredthis year. The first, Cape Fear was also based in Wilmington and was closexin April. The collapse of the real estate markef and the recession has led to 40 bank failuresd nationwidethis year.