Fed regulators shut 2 banks in Georgia, Texas

[Pale Blue Dot]

Source: Associated Press

NEW YORK (AP) — 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.

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.

The four branches of Haven Trust Bank will reopen on Monday as BB&T branches, and deposits will continue to be insured by the FDIC.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5j5vAR5KoI6lQc9qdfFz9IoIx5gKAD951G9UG0

[marmar]

1. It must be FRIDAY!

Another couple of banks go :nuke:

[Cirque du So-What]

2. Good gawd, you stole my line verbatim!

It's become a weekly ritual with no end in sight.