Bank Failure
Cooperative Bank
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Closed June 19, 2009 · Wilmington, NC · FDIC Cert #27837.
- Closing date
- June 19, 2009
- Headquarters
- Wilmington, NC
- FDIC Certificate
- 27837
- Total assets at closing
- $966.8M
- Total deposits at closing
- $768.5M
- Estimated loss to the insurance fund
- $287.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Bank
Context
On June 19, 2009, regulators closed Cooperative Bank, headquartered in Wilmington, NC. At closing, the institution held approximately $966.8M in assets and $768.5M in deposits. The FDIC record names First Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $287.3M.
By assets at closing this is the 223rd largest of the 3,526 bank failures in the FDIC record, and the 30th of 140 in 2009. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Cooperative Bank fail?
Cooperative Bank was closed by regulators on June 19, 2009.
Who acquired Cooperative Bank?
The FDIC record names First Bank as the acquiring institution in the resolution of Cooperative Bank.
How big was Cooperative Bank when it failed?
Cooperative Bank had approximately $966.8M in total assets and $768.5M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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