Today, the Georgia Department of Banking and Finance closed Haven Trust Bank, headquartered in Duluth, Georgia and the FDIC was appointed as receiver. Branch Banking and Trust Company (“BB&T”), headquartered in Winston-Salem, North Carolina, entered into a purchase and assumption agreement with the FDIC to assume all the deposits, including those that exceed the deposit insurance limit, of Haven Trust Bank for $112,000. BB&T also purchased approximately $55 million of Haven Trust Bank’s assets. The FDIC reported that, as of December 8, 2008, Haven Trust Bank had total assets of $572 million and total deposits of approximately $515 million.

The FDIC has estimated that the cost to the Deposit Insurance Fund will be $200 million. Haven Trust is the 24th bank to fail this year and the fifth in Georgia.