The Georgia Department of Banking and Finance has closed Haven Trust Bank, based in Duluth, Ga., and the Federal Deposit Insurance Corp. (FDIC) was named receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Branch Banking & Trust, based in Winston-Salem, N.C,. to assume all of Haven Trust's deposits, including those that exceeded the insurance limit. As of Dec. 8, Haven Trust had total assets of $572 million and total deposits of $515 million, the FDIC says.
Additionally, the Texas Department of Banking has closed Sanderson State Bank, located in Sanderson, Texas. The FDIC was named receiver and entered into a purchase and assumption agreement with The Pecos County State Bank, based in Fort Stockton, Texas, to assume all of Sanderson State Bank's deposits.
As of Dec. 3, Sanderson State Bank had total assets of $37 million and total deposits of $27.9 million.
Source: FDIC