Failed Bank List

Closed Friday, June 19, 2009 · Wilmington, New Hanover County, North Carolina

Cooperative Bank

No failed bank in North Carolina was larger, of 26 on record there since 1934. Cooperative Bank's founding in 1898 put it past its 100th year when it closed. It was one of two banks in North Carolina to fail in 2009.

On the books, 2001 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$250M$500M$750M$1B2002200320042005200620072008Closed
Total assets peaked at $982 million in the third quarter of 2008. Equity capital went from 7.5% of assets in the second quarter of 2001 to 3.7% at the last report. The deepest annual loss, $43.6 million, was booked in 2008.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$60M−$60M2001: $2.9 million20017.3%2002: $5.0 million20027.6%2003: $5.5 million20038.6%2004: $4.8 million20048.6%2005: $5.8 million20058.2%2006: $8.5 million20068.5%2007: $9.0 million20078.7%2008: −$43.6 million20083.7%2009: $1.2 million2009*3.7%
* 2009: January to March only, the last report before closing.

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; Cooperative Bank in red.

By assets it ranked 30th of the 140 failures in 2009. Across the failures of 2009, the median estimated loss came to 27% of assets. Ranked by estimated loss, it is 139th of 2,944 failures since 1934. In the size ranking of that year, just above it was Venture Bank of Lacey, Washington ($968 million, loss 21% of assets); just below, Security Bank of Bibb County of Macon, Georgia ($944 million, loss 44% of assets). Every 2009 failure in the explorer.

Two other banks closed that day; the largest was Southern Community Bank of Fayetteville, Georgia, at $372 million.

Failures in North Carolina

The previous failure there was Cape Fear Bank of Wilmington, on April 10, 2009. The next was The Bank of Asheville of Asheville, on January 21, 2011. New Hanover County has 2 failed banks on FDIC record since 1934. The other: Cape Fear Bank (2009).

Bank failures in North Carolina per year, 1980 to 2026012341988: 11989: 21990: 41991: 31992: 11993: 12009: 22011: 22012: 12013: 219801990200020102020
Per year since 1980, 2009 in red. Every North Carolina failure

The acquiring bank

First Bank of Troy, North Carolina took over two failed banks between 2000 and 2026. The other:

  • The Bank of AshevilleAsheville, NC · January 21, 2011

FDIC certificate 27837 · loss estimate as of July 31, 2026 · How to read this page