First Bancorp Closes Lumina Mortgage

Bancorp has closed Lumina Mortgage Co. and folded the mortgage bank's business into its own operations, reports [link=http://www.starnewsonline.com/article/20090626/ARTICLES/906269975?Title=First-Bank-closes-][u]StarNews Online[/u][/link]. The Troy, N.C.-based First Bank entered into an [link=http://www.mortgageorb.com/e107_plugins/content/content.php?content.3730][u]agreement[/u][/link] with the Federal Deposit Insurance Corp. June 19, whereby it agreed to purchase about $942 million of assets belonging to Wilmington, N.C.-based Cooperative Bank. Among the assets included was Lumina, formerly a subsidiary of Cooperative's parent company. StarNews Online reports that 10 of Lumina's 15 employees have been let go, and more job cuts may be to come as First Bancorp continues consolidating its offices in the Wilmington area. SOURCE: StarNews

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