Cape Fear Bank of Wilmington, N.C.

Without any advance warning, Cape Fear Bank of Wilmington, N.C., became the 22nd bank failure of 2009. The bank’s eight branches will reopen as branches of First Federal.   

Cape Fear Bank of Wilmington, N.C., became the 22nd bank failure of 2009 and the 47th of the recession, according to the Federal Deposit Insurance Corp. on Friday. First Federal Savings and Loan Association of Charleston, S.C., will assume all of the deposits of the bank. As of March 31, Cape Fear Bank had total assets of about $492 million and total deposits of $403 million. Cape Fear Bank’s eight offices will reopen Monday as branches of First Federal, the FDIC said

For more details see the FDIC web page for Cape Fear Bank.

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