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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Question and Answer Guide

Cooperative Bank, Wilmington, NC

FDIC Call Center
Toll free number 1-800-930-5169
Hours of Operation – Eastern Time
Friday, June 19, 2009: Until 9:00 p.m.
Saturday, June 20, 2009: 9:00 a.m. – 6:00 p.m.
Sunday, June 21, 2009: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.

The following answers are provided for the most commonly asked questions by customers of a failed bank. The total balance in your account(s) with Cooperative Bank has been transferred to First Bank, Troy, North Carolina and will be available for transactions during regular business hours at the former Cooperative Bank branches.

You may continue to use your same checks, ATM cards and debit cards until First Bank notifies you otherwise.

All Direct Deposits, including Social Security checks will continue as usual.

On June 19, 2009, Cooperative Bank was closed by the North Carolina Commissioner of Banks. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, First Bank, Troy, North Carolina acquired ALL assets and all Cooperative Bank liabilities, except the CeDe & Co. brokered deposits, from the FDIC as Receiver for Cooperative Bank. Any claims by equity holders were not acquired.

Account(s): What about my account with Cooperative Bank?

If you had an account with Cooperative Bank, you now have an account with First Bank, Troy, North Carolina. All deposit accounts, which include Checking, Savings, Money Market, CDs and Retirement accounts, have been transferred to First Bank, Troy, North Carolina regardless of the dollar amount. No one lost any money on deposit in Cooperative Bank.

Customers of both banks should continue to use their existing branches until First Bank, Troy, North Carolina can fully integrate the deposit records of Cooperative Bank.

Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any scams to obtain information from you.

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ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Cooperative Bank?

Your ATM/debit card will continue to work, and bill paying will work as it has in the past.

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Brokered Deposits: I am a deposit broker or have brokered deposits. What do I do?

First Bank, Troy, North Carolina, acquired all brokered deposits, except those placed by CeDe & Co. The FDIC retained the CeDe & Co. brokered deposits and will pay those accounts off.

If you are a customer who has a Cooperative Bank deposit through a broker, you must contact your broker with any questions.

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Direct Deposits - Government Deposits: What will happen to my direct deposits?

Direct Deposits, including Social Security checks, will continue as normal.

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Existing Deposits at First Bank: I already have other deposit accounts with the new bank. When combined with balances at this bank, my deposits exceed $250,000. Are all funds insured?

The accounts transferred to First Bank, Troy, North Carolina will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure the accounts, if necessary.

CDs from Cooperative Bank are separately insured until the earliest maturity date after the end of the six-month grace period.

CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period.

If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.

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Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?

First Bank, Troy, North Carolina will be reviewing rates and will notify you.

You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with First Bank, Troy, North Carolina. You can establish a new deposit agreement with First Bank, Troy, North Carolina by either renewing your CD or making a deposit to or withdrawing money from your account.

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Loans/mortgages: What about my loan or mortgage with Cooperative Bank?

All mortgages and loans have been assumed by First Bank, Troy, North Carolina. Your payment amount and due date are the same. If you are having your payment deducted from your account, it will continue as it has in the past. You should continue to make your checks payable to Cooperative Bank and send your payments to the same address.

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Loans in Process: What happens if I had a loan in process that had not closed or a line of credit not fully funded?

You should contact your loan officer. All prior contacts remain the same.

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Media: I represent a TV/Newspaper/Radio and would like some information.

Please contact the Office of Public Affairs:

Lajuan Williams-Young

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Outstanding Checks: What about checks that I have written on my account with Cooperative Bank?

Your checks will clear up to the available balance in your account. You can continue to use your existing checks.

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Safe Deposit Boxes: How can I claim the contents of my safe deposit box?

It is business as usual. You can go to your local branch and access your safe deposit box; however, no action on your part is required because of this transaction.

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Shareholders: What about my shares of stock, notes or subordinated notes that I own in Cooperative Bankshares, Inc.?

If you are an equity shareholder, your shares are in Cooperative Bankshares, Inc., Wilmington, NC the holding company for Cooperative Bank, and not Cooperative Bank. Cooperative Bankshares, Inc. and the interests of equity, debt holders or other creditors of Cooperative Bankshares, Inc. are not included in the closure or receivership of the institution. Share price does not trigger a bank closing and was not the reason for this failure. According to regulatory policy, there is no advance notice given to the public.

Please do not file a claim with the Receiver, rather contact Cooperative Bankshares, Inc. directly for information:

Cooperative Bankshares, Inc.
201 Market Street
Wilmington, NC 28402
Atnn: Todd Sammons
Telephone: (910) 442-4179

Any claims by equity holders were not acquired.

All claims against Cooperative Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:

FDIC as Receiver of Cooperative Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent

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Transaction Types: Why do all deposits, insured or not, pass in some transactions but not in others?

The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.

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