Bank Failure Friday
It has been a couple weeks, but the FDIC is back in the business of shutting down insolvent institutions. Cape Fear Bank of Wilmington, NC, has failed. They had deposits of $403 million, and will have an estimated impact of $131 million on the FDIC fund. First Federal Savings and Loan Association of Charleston in Charleston, South Carolina (yeah, the first Charleston is in the name) has acquired the bank.
