First Bancorp acquires failed bank - The Business Journal of the Greater Triad Area:

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All branches of Cooperative are reopening todah as branches of First which is based in Troy inMontgomert County. First Bancorp (Nasdaq: FBNC) will acquire Cooperative’s 21 branchesd in the eastern part of the state plus three Southu Carolina branches and most of thefailed bank’s borrowings and assets. No depositorr will suffer any losses, First Bank said in an As of May 31, Cooperative had total asset sof $970 million and total deposits of about $774 The acquisition adds $835 million in loans to First Bank and $717 million in plus liabilities of about $873 First Bank is protected by a loss-sharinbg agreement with the FDIC on the acquired loans.
With the First Bank now has 98 brancheds in the Triad and other parta of North andSout Carolina, and a total of $3.6 billion in assets. Cooperative Bank is the seconrd North Carolina bank shutteredthis year. The first, Cape Fear Bank, was also based in Wilmington and was closed in The collapse of the real estate market and the recessioh has led to 40 bank failures nationwidethis year.