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First Federal to take over Cape Fear Bank

READ MORE: First Federal to take over Cape Fear Bank
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A Wilmington based bank is the twenty-second US bank to close it's doors in 2009. On Monday, First Federal Bank will take over all eight of the Cape Fear Bank branches. The FDIC had been monitoring Cape Fear Bank for more than a year. Cape Fear Bank customers won't have to worry about any changes. All ATM cards and checks will be honored until First Federal takes over. First Federal will interview all of the nearly 100 Cape Fear Bank employees. If any lose their jobs, First Federal will provide services to help them find another job.

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Next up for a new sign...

Cooperative Bank...stay tuned.

they

have a similar paper trail from the FDIC. They also have a deadline to meet to raise the $25 million. Time will tell.

doubt it

I doubt it, they have enough working capital on-hand, something CF was severely lacking.

Cooperative Bank...

is under a "ceast and decist" order from the Feds due to not having enough capital. They need to raise $25 million...won't happen.

we'll see

I still bet they will be fine.

Waterflop-I meant WATERFORD

Ahhh yes..., the sign on the old bank in front of Waterford has a tarp over it with the new name. How tacky... Could this just be the beginning of Waterflop? Stay tuned to see if Waterford sinks or swims as a development.

What makes you think it will flop?

What makes you think that just because one bank has been taken over by the FDIC that a whole development is in jeopardy? What about the Peak Fitness at the entrance of Magnolia Greens? Does that mean Mag Greens will "sink"? What are your reasons for thinking Waterford will "sink"?

Waterflop

The value of a development is based upon all lots being sold and developed. Drive around waterford and see how many unsold lots there are. The people in Waterford were told they would have the "waterford lifestyle" which has yet to be seen. There is too much competition down the street competing with better facilities and planning. Waterford is a jumbled up mess trying to cram in as many homes as possible, and they made a traffic mess out of the parking lot in front where the businesses are.

waterford branch

I don't understand why you think the failure of CAPE has anything to do with Waterford Development? Cape Fear Bank was only a tenant of the commercial development. The last time I saw that area, it was thriving with a variety of retail, restaurant and medical services.

Waterford...

as a development has no bearing on the failure of Cape Fear Bank.

Wonder if

they'll make Mr. Coburn repay part of his "golden parachute" which they had to give him to get rid of him?

Mr. Coburn...

didn't "parachute" out...it was denied when the change in substantial control of the board of directors occurred. Check out past issues of the Greater Wilmington Business Journal for details.

Cameron Coburn...

and his band of merry men (loan officers), coupled with no proper loan underwriting, destroyed this bank. However, this isn't Cam's first bank destruction. Thankfully, the change in the makeup of the board of directors kept him from walking with his million-plus dollar bailout. Sadly, the stockholders are left holding the bag with their stock worth less than the value it was printed on.