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24th and 25th banks to fail this year; 8 failed banks are in Georgia since 2005
Submitted by sayatan on Sat, 12/13/2008 - 01:40
Haven Trust Bank of Duluth, Georgia, had total assets of $572 million and total deposits of $515 million as of Dec. 8, the FDIC said. BB&T Corp agreed to acquire all of Haven's deposits.
The failure is expected to cost the bank regulator's deposit insurance fund about $200 million. The FDIC's fund has been dwindling as an increase in bank failures has taken its toll, reducing the fund to $34.6 billion at the end of the third quarter.
The FDIC said in addition to assuming all of the failed bank's deposits, BB&T will buy about $55 million of Haven Trust's assets. The FDIC will retain the remaining assets for later disposition.
The agency also said that Sanderson State Bank became the 25th U.S. bank to fail this year after being shut down by Texas state regulators.
As of Dec. 3, Sanderson had total assets of $37 million and total deposits of $27.9 million. Its deposits were acquired by The Peco County Bank, the FDIC said.
The FDIC estimated the failure of Sanderson costs the deposit insurance fund about $12.5 million.
Failed Banks Between 2005 and 2008
8 are in Georgia
6 are in California
5 are in Florida
3 are in Texas
