Recession causes cessation of another eastern bank.

• Position: Eastern

Bank of Currituck has been doing business for 90 years in northeastern North Carolina, but its days are numbered. In July, Portsmouth, Va.-based TowneBank agreed to pay $10 million for its six branches and $173 million of its assets. The deal is expected to close this fall, and Moyock-based Bank of Currituck, in an unusual move, plans to keep about $35 million in assets, many of them nonperforming, for 36 months as it winds down its business. The bank has struggled in recent years, partly...