Cape Fear is 22nd bank to fail in '09

Cape Fear is 22nd bank to fail in '09

Wilmington, N.C.-based Cape Fear Bank was closed by regulators Friday, marking the 22nd bank failure of the year as the effects of the financial crisis spread throughout the economy.
Charleston, S.C.-based First Federal Savings and Loan Association of Charleston has agreed to assume all of the failed bank's deposits, the Federal Deposit Insurance Corporation said in a statement. Cape Fear Bank's eight offices will reopen Monday as branches of First Federal, the FDIC said.