Bank Failure
Waccamaw Bank
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Closed June 8, 2012 · Whiteville, NC · FDIC Cert #34515.
- Closing date
- June 8, 2012
- Headquarters
- Whiteville, NC
- FDIC Certificate
- 34515
- Total assets at closing
- $533.1M
- Total deposits at closing
- $472.7M
- Estimated loss to the insurance fund
- $23.8M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Community Bank
Context
On June 8, 2012, regulators closed Waccamaw Bank, headquartered in Whiteville, NC. At closing, the institution held approximately $533.1M in assets and $472.7M in deposits. The FDIC record names First Community Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $23.8M.
By assets at closing this is the 352nd largest of the 3,526 bank failures in the FDIC record, and the 4th of 51 in 2012. 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 Waccamaw Bank fail?
Waccamaw Bank was closed by regulators on June 8, 2012.
Who acquired Waccamaw Bank?
The FDIC record names First Community Bank as the acquiring institution in the resolution of Waccamaw Bank.
How big was Waccamaw Bank when it failed?
Waccamaw Bank had approximately $533.1M in total assets and $472.7M in deposits at the time of failure.
Other failures in 2012
| Date | Bank | Assets |
|---|---|---|
| Dec 14, 2012 | Community Bank of the Ozarks | $42.8M |
| Nov 16, 2012 | Hometown Communitybank | $124.6M |
| Nov 2, 2012 | Citizens First National Bank | $924.0M |
| Nov 2, 2012 | Heritage Bank of Florida | $225.5M |
| Oct 26, 2012 | Nova Bank | $444.7M |
| Oct 19, 2012 | Excel Bank | $186.1M |
| Oct 19, 2012 | Gulfsouth Private Bank | $139.4M |
| Oct 19, 2012 | First East Side Savings Bank | $65.7M |
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