Georgia’s Haven Trust Bank Shut; 24th Failure of 2008
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Haven Trust Bank of Duluth, Georgia, was closed by state regulators today, becoming the 24th U.S. bank seized this year as mortgage delinquencies and home foreclosures surge to records during a deepening recession.
Haven Trust, with $572 million in assets and $515 million in deposits, was shut by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corp. was named receiver. BB&T Corp. of Winston-Salem, North Carolina, will assume Haven Trust deposits. Four Haven offices northeast of Atlanta will open Dec. 15 as BB&T branches, the FDIC said.