Cape Fear Bank of Wilmington, N.C. fails; 22nd of year

[Pale Blue Dot]

Source: Marketwatch

Cape Fear Bank of Wilmington, N.C., became the 22nd bank failure of 2009 and the 47th of the recession, according to the Federal Deposit Insurance Corp. on Friday. First Federal Savings and Loan Association of Charleston, S.C., will assume all of the deposits of the bank. As of March 31, Cape Fear Bank had total assets of about $492 million and total deposits of $403 million. Cape Fear Bank's eight offices will reopen Monday as branches of First Federal, the FDIC said.

Read more: http://www.marketwatch.com/News/Story/Story.aspx?guid={8FB0254D-C7D7-4F1F-8478-B3C6020ABA6B}

[bluestateguy]

1. All these conservatives who think the New Deal "failed". Would they get rid of FDIC?

Or I suppose they would rather go back to the days of bank runs and no deposit insurance?

[peace13]

2. I don't know.

If a failed government backs the FDIC eventually someone will get burned. My question to my bank this week was...If I owe $70,000 on my house but have $100,000 on deposit with you in savings and retirement funds and you go under, are you going to subtract my debt from my deposits or are you going to take my house and then talk? The answer came in the form of, 'We are backed by the FDIC and that would insure you.' No way could I get her to even faintly imagine FDIC not coming to the rescue. I think all bets are off as to how long the charade of FDIC can go on.

Don't get me wrong, I loved FDIC before the * thugs emptied the pocket of our citizens and our government.

[No Elephants]

5. Why would anyone deduct the $100,000 in deposits? Thanks to the FDIC, you would still have it. I

[WhiteTara]

3. it must be Friday

the favored day to seize a bank.

[pravin404]

4. Map of Failed Banks since 2008

This was the 22nd bank to fail this year also 47 from start of year 2008.
Nobody know how many more banks are going to fail. Prediction is in hundreds of bank.
I found list of failed banks and the map of where the banks are failing on
www.portalseven.com

The url is

Failed Banks Since 2008 : http://portalseven.com/finance/Failed_Banks_Map_Since_2008.jsp"]

List of banks failed in 2009 : http://portalseven.com/Failed-Banks-2009"]



Do check it.
Pravin