The Bank of Asheville has five branches with USD 210 million in total assets, including USD 162 million in loans and USD 209 million in liabilities. The purchased loans are covered by loss share agreements between the FDIC and First Bank which provide First Bank with reimbursement on 80% of the losses it incurs. The net assets were purchased from the FDIC at a discount of USD 23.9 million.
First Bancorp has total assets of USD3.4 billion and operates 92 branches in US providing its customers with checking, savings and lending programs.
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