Another small Georgia bank goes down:
All deposit accounts have been transferred to Branch Banking & Trust Company, (BB&T), Winston-Salem, NC ("assuming institution") and will be available immediately. On Monday, December 15, 2008, the former Haven Trust Bank locations will reopen as branches of BB&T.
The AJC, helpfully, has more details than the FDIC's own writeup:
The failed Haven Trust Bank, based in Duluth, had total assets of $572 million and total deposits of $515 million.
Branch Banking & Trust of Winston-Salem, N.C., will buy all of Haven Trust̢۪s $515 million in deposits for a $112,000 premium, and Haven Trust̢۪s four branches will open Monday as BB&T branches.
In addition to assuming of Haven Trust’s deposits, BB&T will acquire about $55 million of its assets. The Federal Deposit Insurance Corp. is retaining the remaining assets for later disposition.
The FDIC said this failure will cost its insurance fund about $200 million.
The article mentions this is the 24th FDIC bank failure of the year.
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