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Capital Bank Assumes Deposits of Pisgah Community Bank

 

May 13 - Pisgah Community Bank, Asheville, N.C., has been closed by the North Carolina Office of the Commissioner of Banks, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Capital Bank, National Association, Rockville, Md., to assume all of the deposits of Pisgah Community Bank.

As of March 31, 2013, Pisgah Community Bank had approximately $21.9 million in total assets and $21.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Capital Bank, National Association agreed to purchase approximately $19.8 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

Customers with questions about the transaction should call the FDIC toll-free at 800-450-5143. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/pisgahcommbk.html.

The FDIC estimates that cost to the Deposit Insurance Fund will be $8.9 million. Compared to other alternatives, Capital Bank, National Association was the least costly resolution for the FDIC's DIF. Pisgah Community Bank is the 11th FDIC-insured institution to fail in the nation this year, and the second in North Carolina. The last FDIC-insured institution closed in the state was Parkway Bank, Lenoir, on April 26, 2013.



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