The receivership of an Asheville, N.C., savings bank – begun in 2011 – has been terminated, according to filings by the Federal Deposit Insurance Corp. (FDIC) with the Federal Register, expected to be published Friday.
Blue Ridge Savings Bank, Inc., held $161 million in assets when placed into receivership nearly seven years ago. Liquidation of the bank’s assets have been completed, the FDIC states in its notice, and a final dividend payment will be made to proven creditors.
At the time of its failure, the FDIC stated in a 2011 release, the agency estimated that the cost to its Deposit Insurance Fund (DIF) would be $38 million. The Bank of North Carolina, Thomasville, N.C., assumed all of the deposits of the closed bank. “Compared to other alternatives, Bank of North Carolina’s acquisition was the least costly resolution for the FDIC’s DIF,” the agency said in 2011. Blue Ridge Savings Bank, Inc., was the 78th FDIC-insured institution to fail in the nation that year, and the second in North Carolina, according to the FDIC.