Federal regulators on Friday closed four banks, one each in North Carolina, Illinois, South Carolina and Oklahoma, therby bringing the total closures to 28 so far this year.
Waccamaw Bank in Whiteville, NC, with 16 branches and about $533.1 million in assets and $472.7 million in deposits, as of March 31, was closed by the North Carolina Office of the Commissioner of Banks, and the Federal Deposit Insurance Corp. or FDIC was named receiver. First Community Bank in Bluefield, VA agreed to assume Waccamaw's deposits and buy nearly $515.3 million of the failed bank's assets.
Farmers and Traders State Bank in Shabbona, IL had two branches and some $43.1 million in assets and $42.3 million in deposits as of March end. First State Bank of Mendota, IL, assumed all of Farmers and Traders' deposits and agreed to purchase all of its assets.
Carolina Federal Savings Bank, of Charleston, S.C was also closed by the regulators, while Bank of North Carolina, of Thomasville, agreed to take over the failed bank as per the purchase-and-assumption agreement with the FDIC. First Capital Bank of Kingfisher, OK, was closed by the Oklahoma State Banking Commissioner, and F&M Bank, of Edmond, OK, agreed to buy the failed bank.
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by RTT Staff Writer
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