Thanks. I noticed customers were given no warning before a bank closed.
I picked a random bank that closed to read up on it to better grasp how this works.
http://www.fdic.gov/news/news/press/2009/pr09095.html
In this case: Did the FDIC back this bank or did the bank that acquired it? or both? Did the FDIC back the monies and the First Bank just gave it a home, or the other way around?
Quite welcome,,,
From you’re link :
“Cooperative Bank, Wilmington, North Carolina was closed today by the North Carolina Office of Commissioner of Banks, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Bank, Troy, North Carolina, to assume all of the deposits of Cooperative Bank, except those from brokers.”
Looks like First Bank bought it,,,
FDIC arranged the sale...