Haven Trust Bank
Who: Haven Trust Bank
What: 24th bank failure of 2008 (Dec. 12, 2008)
Where: Duluth, Georgia
Why: Deposits exceeded insurance limit.
Fast Facts: As of December 8, 2008, Haven Trust had total assets of $572 million and total deposits of $515 million. BB&T agreed to assume all of the deposits for $112,000. In addition to assuming all of the failed bank's deposits, BB&T will purchase approximately $55 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition. The BB&T's acquisition of all deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Haven Trust is the 24th bank to fail in the nation this year, and the fifth in Georgia.
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