Cape Fear Bank Corporation Files For Chapter 11

Cape Fear Bank Corporation FDBA Bank of Wilmington Corporation filed for chapter 11 bankruptcy protection yesterday at the United States Bankruptcy Court for the Eastern District of North Carolina.  The Raleigh-based company listed assets of $1.2 million and liabilities of $10.4 million.  Additionally, the debtor a Plan of Liquidation and Disclosure Statement.

The debtor has acted as a bank holding company in order to own the outstanding shares of Cape Fear Bank.

Please see the link to the FDIC's proceedings http://www.fdic.gov/bank/individual/failed/capefear.html