Federal regulators closed the Bank of Asheville this afternoon, marking the first bank failure in North Carolina since 2009.
The Federal Deposit Insurance Corp. took over Bank of Asheville, which has five branches and $195.1 million in assets. The FDIC also orchestrated a deal to transfer the assets to First Bank, a lender based in Troy, N.C., with 92 branches.
The Bank of Asheville branches will reopen Monday under the First Bank name.
The FDIC also seized CommunitySouth Bank and Trust, based in Easley, S.C., with $440.6 million in assets. That brings the number of closures nationwide this year to five, following 157 last year.