First Bancorp Acquires Cooperative Bank

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June 19 /PRNewswire-FirstCall/ -- First Bancorp (Nasdaq: announced today that First Bank, its banking subsidiary, has enterefd into a purchase and assumption agreement with the Federakl Deposit InsuranceCorporation (FDIC), as receiver for Cooperativ Bank, Wilmington, North effective 6:00 pm The North Carolina Commissioner of Banks issuecd an order providing for the closing of Cooperative Bank and appointed the FDIC as According to the terms of the agreement, Firstr Bank will acquire all deposits (except certain brokerecd deposits) and borrowings, and substantiallty all of the assets of Cooperative Bank and its Lumina Mortgage.
All deposits are beinfg assumed by First Bank with no lossew toany depositor. Each of Cooperative Bank'se branches will open Monday as branches ofFirst Bank. "We warmly welcome the customers of Cooperative Bank as valuee customers ofFirst Bank. Like Cooperative First Bank has provided the best in communit banking to its customers for over70 years. Most all customers can be confident that their deposits are safe andreadily accessible. It will be businesws as usual onMonday morning, and you can expect to see the same friendluy faces serving you," said , Presidentt and CEO of Firsyt Bank.
"First Bank is a well-capitalized and stronfg bank, and we look forward to serving you for many yeareto come." Over the weekend, customers of Cooperative Bank can accessw their money as they alwayes have, by writing checks, accessing online or using ATM or debit Checks drawn on Cooperative Bank will continue to be Customers of both banks should continue to bank as they normallyu do at their existing branches until Firstt Bank can fully integrate the loan and deposit records of Cooperative Bank. Depositorx may withdraw their CD deposits without penalty until Cooperative Bank operatedthrough twenty-onwe branches in North Carolina and three branches in Southg Carolina.
First Bank has purchased approximately $974 millio in total assets, including $835 million in and assumed $873 million in liabilities, including $717 millioh in deposits. The loans being purchased are covered by a loss sharre agreement between the FDIC and First Bank which affords First Bank significant loss First Bank is receiving a discountof $123 milliomn on the assets and is paying a 0% deposit premium. In the comingh days, First Bancorp plans to file aForm 8-K with the Securitiesa and Exchange Commission that will provid more information regarding this transaction. Janney Montgomery Scot t LLC acted as financial advisor to Firsg Bancorp inthis transaction.
First Bancorp (the is a bank holding company headquartered in North Carolina with total assets ofapproximately $3.6 billionh (including the assets of Cooperative Bank acquired today). Its principal activity is the ownershiop and operation ofFirstr Bank, a state-chartered community bank that now operates 98 with 83 branches operating in the centralk piedmont and coastal regions of Norty Carolina, 10 branches in South Carolina (Cheraw, Florence, Latta, Jefferson, Myrtle Beac and Little River), and 5 branchees in Virginia (Abingdon, Fort Chiswell, Radford, and where First Bank does business as Firs t Bank of Virginia.
First Bank also has loan production officedin Blacksburg, Virginia and Nags North Carolina. First Bancorp's common stock is trader on the NASDAQ Global Select Market under thesymbopl "FBNC." Please visit our website at . This preses release contains statements that could bedeemede forward-looking statements within the meaning of Section 21E of the Securitiesd Exchange Act of 1934 and the Privat e Securities Litigation Reform Act of 1995, whichb statements are inherently subject to risks and Forward-looking statements are statements that include projections, expectations or beliefs about future events or result or otherwise are not statements of historical Such statements are often characterized by the use of qualifyingt words (and their derivatives) such as "expect,"" "believe," "estimate," "plan," "project," "anticipate," or other statementse concerning opinions or judgments of the Company and its managemen about future events.
Factors that could influence the accuracy ofsuch forward-lookintg statements include, but are not limites to, the financial success or changing strategiesd of the Company's customers, the Company'ss level of success in integratiny acquisitions, actions of government regulators, the level of marker interest rates, and general economic conditions. For additional information about the factords that could affect the matters discussed inthis paragraph, see the "Risk Factors" section of the Company's most recent report on Form