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Cape Fear Bank becomes 22nd US bank failure of '09 [FDIC Friday]
AP ^
| 2009-04-10
Posted on 04/10/2009 8:28:04 PM PDT by rabscuttle385
NEW YORK (AP) — Regulators have shut down Cape Fear Bank — the first North Carolina bank to collapse since 1993, and the 22nd U.S. bank to fail this year.
On Friday, the small Wilmington, N.C. bank was closed by state regulators and taken over by the Federal Deposit Insurance Corp.
First Federal Savings and Loan Association of Charleston in Charleston, S.C. was chosen to assume all of Cape Fear Bank's $403 million in deposits and buy about $468 million of its $492 million in assets. The Federal Deposit Insurance Corp., which was named receiver of Cape Fear Bank on Friday, will retain the rest of the assets to sell later.
On Monday, Cape Fear Bank's eight branches will reopen as First Federal branches.
(Excerpt) Read more at google.com ...
TOPICS: Business/Economy; Government; News/Current Events; US: North Carolina
KEYWORDS: bankfailure; bho2009; bho44; fdic; financialcrisis; govwatch; obamasfault; panicof2009
To: PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...
*Ping!*
2
posted on
04/10/2009 8:28:15 PM PDT
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: All; PAR35; TigerLikesRooster; Travis McGee
The FDIC estimated that the collapse of Cape Fear Bank will reduce the federal deposit insurance fund by $131 million. As of the end of 2008, the fund stood at $18.9 billion — the lowest level in nearly a quarter-century, and down from $52.4 billion at the end of 2007.
3
posted on
04/10/2009 8:29:41 PM PDT
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: rabscuttle385
Why do failures get announced on market weekends and successes during the week?
4
posted on
04/10/2009 8:30:07 PM PDT
by
JudgemAll
(control freaks, their world & their problem with my gun and my protecting my private party)
To: JudgemAll
They always close banks on Friday, so new management can be in place on Monday.
5
posted on
04/10/2009 8:32:15 PM PDT
by
org.whodat
(Auto unions bad: Machinists union good=Hypocrisy)
To: rabscuttle385
Put the crooks in jail!!!
6
posted on
04/10/2009 8:32:48 PM PDT
by
org.whodat
(Auto unions bad: Machinists union good=Hypocrisy)
To: rabscuttle385
7
posted on
04/10/2009 8:42:18 PM PDT
by
Loyalist
(This tagline is ISO 9001 compliant.)
To: rabscuttle385
What am I missing in this story? Deposits (liabilities) $403 million. Assets $492 milllion, Net Worth= Assets -Liabilites = $89 million dollars. (My high school bookkeeping instructor would be proud). What was the problem?
To: Maine Mariner
What was the problem?From the post up thread, apparently a $131 million hole.
9
posted on
04/10/2009 9:34:52 PM PDT
by
PAR35
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