Wilmington's Cooperative Bank is the second Port City bank to fail this year.
It will be taken over by Troy-based First Bank.
The closed Cooperative branches will open Monday as First Bank.
Cape Fear Bank failed in April and reopened as First Federal Savings and Loan Association of Charleston, S.C.
Here's part of the story regarding possible job losses:
Branches, however, will overlap in Wilmington and other communities.
“We have not made any assessment yet” about whether current Cooperative Bank employees could lose jobs or if branches will close, (First Bank President and CEO Jerry) Ocheltree said, adding that First Bank is in the process of evaluating that now.
I hope First Bank can keep most, if not all, of the former Cooperative employees. While I understand Wilmington has grown since I last lived there, it is still a fairly isolated area. Wilmington is the only city down in southeastern North Carolina. There is no Triangle or Triad. There are no cities that are close together like Raleigh, Durham and Chapel Hill.
On another note, the Cooperative Bank building in The (Wilmington) Star-News photo did jog a lot of memories. I could visualize how far my church and high school were from there. Going down Market Street toward the waterfront was part of our route during cross country and once you passed the Cooperative building the first turn toward the police station, Cape Fear Community College and The Cotton Exchange was coming up.
Hat tip: Ed Cone
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