Fed regulators shut 2 banks in Georgia, Texas

Sara Lepro,
AP
Saturday, Dec 13, 2008

Regulators on Friday closed Haven Trust Bank in Georgia and Sanderson State Bank in Texas, bringing to 25 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. was appointed receiver of Haven Trust Bank, based in Duluth, Ga., and Sanderson State, with one office in Sanderson, Texas.

Haven Trust had assets of $572 million and deposits of $515 million as of Dec. 8. Sanderson State had assets of $37 million and deposits of $27.9 million as of Dec. 3.

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BB&T Corp., a large regional bank based in Winston-Salem, N.C., agreed to assume all of Haven Trust’s deposits. BB&T also will buy about $55 million of the failed bank’s assets; the FDIC will retain the rest for later disposition.

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