Federal regulators on Friday shut down a Wilmington bank with 24 branches along the Carolinas coast, making it the second North Carolina bank seized this year.
The Federal Deposit Insurance Corp. was appointed receiver of Cooperative Bank of Wilmington. First Bank of Troy, N.C., will take over the failed bank’s 24 branches in places such as Morehead City, Wrightsville Beach and elsewhere, and $774 million in deposits.
Along with another small bank in Fayetteville, Ga., that the FDIC closed on Friday, the national tally of failed banks this year has climbed to 39.
In April, the FDIC took over Wilmington-based Cape Fear Bank’s eight branches. The wave of bank failures is expected to continue as the weak housing market and rising unemployment rate cause more borrowers to default on their loans.
Cooperative Bank officials couldn’t be reached for comment late Friday. The bank was chartered in 1898, according to its Web site.
Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or