Bank Collapse Watch: Haven Trust
24th bank failure: Fifth in Georgia
State regulators close Duluth, Ga.-based Haven Trust Bank, marking the 24th bank failure of the year.
NEW YORK (CNNMoney.com) — State regulators closed another regional bank in Georgia Friday, bringing the total number of failed banks this year to 24.
The Federal Deposit Insurance Corp. said the four branches of Duluth, Ga.-based Haven Trust Bank will reopen as Branch Banking & Trust on Monday. It was the fifth bank in Georgia to fail this year.
Haven Trust had total assets of $572 million and total deposits of $515 million. Branch Banking & Trust, which is based in Winston-Salem, N.C., agreed to assume all of the deposits for $112,000.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $200 million.
Emphasis added by me.
Haven Trust was number sixty on the List of Future Bank FAIL.
Who will go FAIL next Friday?Explore posts in the same categories: Bank Collapse Watch, C.O.A.T. - Belief, C.O.A.T. - Money, C.O.A.T. - Scams, C.O.A.T. - Self-Defense, Depression 2.0