June 22, 2009 (FinancialWire) — First Bancorp (NASDAQ: FBNC) said that its First Bank subsidiary has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corp. to acquire all deposits (except certain brokered deposits) and borrowings, and substantially all of the assets of Cooperative Bank and its subsidiary, Lumina Mortgage.

The FDIC is acting as receiver for Cooperative Bank of Wilmington, North Carolina. On June 19, The North Carolina Commissioner of Banks issued an order providing for the closing of Cooperative Bank and appointed the FDIC as receiver.

All deposits are being assumed by First Bank. Each of Cooperative Bank’s branches will open on June 22 as branches of First Bank.

Cooperative Bank operated through twenty-one branches in North Carolina and three branches in South Carolina. Under the deal, First Bank has purchased around $974 million in total assets, including $835 million in loans, and assumed $873 million in liabilities, including $717 million in deposits.

The loans being purchased are covered by a loss share agreement between the FDIC and First Bank, which affords First Bank loss protection. First Bank is receiving a discount of $123 million on the assets and is paying a 0% deposit premium.

Troy, North Carolina-based First Bancorp (is a bank holding company with total posted assets of around $3.6 billion, including the acquired assets of Cooperative Bank.

Its First Bank unit operates 98 branches, with 83 branches operating in the central piedmont and coastal regions of North Carolina, 10 branches in South Carolina and five branches in Virginia, where First Bank does business as First Bank of Virginia.

First Bank also has loan production offices in Blacksburg, Virginia and Nags Head, North Carolina.

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