19, 2009: Cooperative Bank, Wilmington, NC was closed by the North
Carolina Commissioner of Banks. The Federal Deposit Insurance Corporation
(FDIC) was named Receiver.
As of May 31, 2009, Cooperative Bank had total assets of $970 million and total deposits of approximately $774 million.
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.
All deposit accounts, excluding certain brokered deposits have been transferred to First Bank and are available immediately. The FDIC will pay about $57 million in brokered deposits to brokers directly. Customers who placed money with brokers should contact them for more information on the status of their deposits.
On Monday, June 22, 2009, twenty-four former Cooperative Bank locations reopened as branches of First Bank. Transferred deposits will be separately insured from any accounts you may already have at First Bank for six months after the failure of Cooperative Bank.
All interest accrued through Friday, June 19, 2009, will be paid at your same rate, however First Bank will be reviewing rates.
In addition to assuming all of the deposits of the failed bank, First Bank agreed to purchase approximately $942 million of assets. The FDIC will retain the remaining assets for later disposition.
The FDIC and First Bank entered into a loss-share transaction on approximately $852 million of Cooperative Bank's assets. First Bank will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $217 million.
For additional information and assistance contact the FDIC at:1-800-930-5169; or go to: http://www.fdic.gov/bank/individual/failed/cooperative.html
|2009 FDIC Insured Failed Banks|
201 Market Street
Wilmington, NC 28401
|Assets: $970 million|
|Deposits: $774 million|
|Cost to FDIC: $217 million|
Creditor Claims: Claims
against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. Shortly after the
failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process. If you provided a service for
Cooperative Bank and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Note: If you are an equity shareholder, your shares are in Cooperative Bankshares, Inc., the holding company for Cooperative Bank, and not Cooperative Bank. Contact: Cooperative Bankshares, Inc., 201 Market Street, Wilmington, NC 28402
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
insured depositor fails to make a claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
the transferee institution must refund the deposit to the FDIC, and all
rights of the depositor against the transferee institution are barred.
The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.
Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.
It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.
Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search
Established on 1/1/1898 as Cooperative Savings And Loan Association
08/16/1991 - Changed name to Cooperative Bank For Savings
10/30/1992 - Changed name to Cooperative Bank For Savings, Inc., SSB
12/30/2002 - Changed name to Cooperative Bank
09/01/2007 - Acquired Bank Of Jefferson of Jefferson, South Carolina