Post and Courier learns of Cape Fear deal

Four days after federal regulators closed North Carolinas Cape Fear Bank and approved Charleston-based First Federal to take over the failed institutions eight locations, The Charleston Post and Courier got around to writing about it. The Federal Deposit Insurance Corp. seized Cape Fear Bank on Friday and immediately announced that the branches would reopen under the First Federal moniker Monday morning. The move is significant for First Federal because it represents a new market for the thrift, one of South Carolinas largest financial services companies. So while The State, Rock Hill Herald, Charlotte Observer, Raleigh News & Observer, Myrtle Beach Sun News, Hilton Head Island Packet and other papers in the Carolinas and the nation ran the story on their websites the day it occurred, the hometown P&C got around to it when it was good and ready. The otherwise mundane Post and Courier story did include this illuminating paragraph: The transition has gone smoothly, said Dee Bee Wright, First Federals vice president of investor relations. The employees have been extremely helpful. Theyre really a great group of folks and easy to work with. The Cape Fear folks probably realize theyre lucky to have jobs after last weeks train wreck, even if it wasnt their fault. Did anyone expect that given todays economy they were going to be surly and uncooperative when new management started calling the shots?