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Cooperative Bank must raise millions in capital

Cooperative Bank is scheduled to file their 2008 fourth quarter earnings report Friday. The Wilmington based bank is in the middle of a cease and desist order from the FDIC. Cooperative must raise $25 million of capital by July in order to stay open. Experts said the most likely way to raise that money will be through a sale, merger, or finding an outside investor. In the meantime, the company could lose its ability to be traded on the NASDAQ stock market. That would mean the stock would be subject to higher trade regulations. For example, restrictions on the amount of shares investors can buy and sell. The stock is currently valued at just under 50 cents per share.

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Stick a fork in them.

Just let Cooperative die already. They've been on life support for months now, and let me tell you, this economy ain't coming back anytime soon. Credit union is still your best bet. Cooperative is just trying to delay the inevitable.