Cooperative Bank, Wilmington, NC has become FDIC hit number 39.

Bank regulators seized Cooperative Bank of Wilmington, North Carolina on Friday, the 39th U.S. bank to fail this year as the recession and delinquent loans erode the health of financial institutions.

The Federal Deposit Insurance Corp said Cooperative Bank had $970 million in assets and $774 million in deposits. The failure is expected to cost the FDIC’s deposit insurance fund an estimated $217 million.

First Bank of Troy, North Carolina will purchase all the deposits, except about $57 million in brokered deposits. The FDIC said it will pay the brokers directly for the amount of their funds.

Cooperative Bank’s 24 branches will reopen on Monday as branches of First Bank. (Reporting by Roberta Rampton; Editing by Tim Dobbyn)

Visit the FDIC official website for more information.

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