Cape Fear Bank, formerly named Bank of Wilmington (2006), was a
Wilmington,
North Carolina
North Carolina () is a state in the Southeastern region of the United States. The state is the 28th largest and 9th-most populous of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, Georgia and So ...
-based financial company engaged primarily in
retail banking
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
,
mortgage
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any pu ...
banking, business finance and providing
ATM and merchant processing services. The bank was established in June 1998 and Cape Fear Bank Corporation, the parent company, was formed in June 2005. The name change in October 2006 from Bank of Wilmington and Bank of Wilmington Corporation, respectively, reflected the growth of the Bank’s business in the
Lower Cape Fear
Cape Fear is a coastal plain and Tidewater region of North Carolina centered about the city of Wilmington. The region takes its name from the adjacent Cape Fear headland, as does the Cape Fear River which flows through the region and empties ...
region of North Carolina. The Bank had full service banking offices serving
New Hanover,
Brunswick and
Pender counties.
On April 10, 2009, regulators shut down Cape Fear Bank — the first North Carolina bank to collapse since 1993, and the 22nd U.S.
bank to fail in 2009.
Cape Fear Bank becomes 22nd US bank failure of '09
''Associated Press
The Associated Press (AP) is an American non-profit news agency headquartered in New York City. Founded in 1846, it operates as a cooperative, unincorporated association. It produces news reports that are distributed to its members, U.S. newspa ...
'', April 10, 2009.
See also
* Late-2000s recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At t ...
* List of acquired or bankrupt banks in the late 2000s financial crisis
References
{{reflist
External links
FDIC Bank Closing Information for Cape Fear Bank
Bank failures in the United States
Banks based in North Carolina
Companies based in Wilmington, North Carolina
Banks established in 1998
Banks disestablished in 2009
Defunct companies based in North Carolina
1998 establishments in North Carolina
2009 disestablishments in North Carolina