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Bank Failures

Bid Summary for Cooperative Bank, Wilmington, NC

Cooperative Bank, Wilmington, NC
Closing Date: June 19, 2009

Failed Bank Information for Cooperative Bank, Wilmington, NC

Winning Bidder:

First Bank, Troy, NC

Winning Bid:

All deposits, whole bank with loss share – Asset Discount of $123 million, Deposit Premium 0%.

Cover (second place) Bidder:

First Citizens Bank & Trust Company, Raleigh, NC

Cover Bid:

All deposits, whole bank with loss share – Asset discount of $140 million, Deposit Premium 0%

Other Bidder Names & Locations:

None.

Other Bids:

None.

Notes:

  • The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative and the other bids. The liquidation alternative was valued using valuation models to estimate the market value of the assets. The bids for loss share were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.

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Last Updated: November 16, 2020