FDIC closes bank in North Carolina

(AP) FDIC closes bank in North Carolina
WASHINGTON
Regulators say they have closed a bank in North Carolina, bringing the number of U.S. bank failures to 11 this year.

The Federal Deposit Insurance Corp. on Friday seized Pisgah Community Bank, based in Asheville, N.C.

The lender, which operated a single branch, had roughly $21.9 million in assets and $21.2 million in deposits as of March 31.

Capital Bank, N.A., agreed to assume the deposits and $19.8 million of the failed lender's assets.

The FDIC says it will retain the remaining assets for later disposition.

Pisgah Community Bank's failure is expected to cost the deposit insurance fund $8.9 million.

The lender is the second FDIC-insured institution in North Carolina to fail this year.

U.S. bank closures have been declining since peaking in 2010 after the 2008 financial crisis.

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