Wilmington's Cooperative Bank closes

Posted by Peter Smelser - email

WILMINGTON, NC (WECT) - One of the area's oldest banks has been shut down by federal regulators.

Cooperative Bank was closed Friday by the North Carolina Office of Commissioner of Banks, making it the second Wilmington-based bank to close this year.

The Federal Deposit Insurance Corp. took control of Cooperative Bank's 24 offices and $774 million of its deposits. The branches will reopen Monday as First Bank.

Customers should continue to use existing branches and will be able to access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed, and loan customers should continue to make their payments as usual.

Customers who have questions can call the FDIC toll-free at 1-800-930-5169.

Interested parties can also visit the FDIC's Web site.

Cooperative Bank is the 39th FDIC-insured institution to fail in the nation this year, and the second in North Carolina. The last FDIC-insured institution to be closed in the state was Cape Fear Bank, Wilmington, back in April.

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