Three more banks failed on June 19, bringing the total to 40 institutions for the year. The Federal Depost Insurance Corp. found takers for all three. Earlier in the week the Independent Community Bankers of America came out in support of legislation that would broaden the assessment base used to support the FDIC’s Deposit Insurance Fund.
Troy, N.C.-based First Bank agreed to acquire $942 million of the assets and all of the $774 million in deposits held by Cooperative Bank, based in Wilmington, N.C., along with the failed institution’s 24 branches. The agreement includes a FDIC/First Bank loss-share deal covering $852 million in assets. The FDIC will pay brokers directly $57 million in brokered accounts. The entire transaction will cost the DIF some $217 million.