TERMINATION AGREEMENT AMONGTermination Agreement • September 22nd, 2016 • First Bancorp /Nc/ • State commercial banks
THIS TERMINATION AGREEMENT (the “Agreement”), is made and entered into as of the 22nd day of September, 2016, by and among the FEDERAL DEPOSIT INSURANCE CORPORATION, as RECEIVER OF COOPERATIVE BANK, WILMINGTON, NORTH CAROLINA, and as RECEIVER OF THE BANK OF ASHEVILLE, ASHEVILLE, NORTH CAROLINA (collectively the “Receiver”), FIRST BANK, organized under the laws of the State of North Carolina and having its principal place of business in Southern Pines, North Carolina (the “Assuming Institution”), and the FEDERAL DEPOSIT INSURANCE CORPORATION, organized under the laws of the United States of America and having its principal office in Washington, D.C., acting in its corporate capacity (the “Corporation”). The Receiver, the Corporation and the Assuming Institution may each be referred to herein as a “Party” or collectively as the “Parties”.
