WASHINGTON — Regulators closed two more banks Friday, bringing the 2008 total to 25.
Georgia suffered its fifth bank failure of the year as regulators shut the $572 million-asset Haven Trust Bank in Duluth. It came just one week after the failure of another Georgia community bank: the $237 million-asset First Community Bank in Jackson.
The Federal Deposit Insurance Corp., appointed as Haven Trust's receiver by the state's banking regulator, said all of its $515 million in deposits will be assumed by BB&T Corp.'s main bank subsidiary in Winston-Salem, N.C.
BB&T agreed to pay $112,000 to take over the failed bank's deposits and acquire $55 million of its assets. The FDIC said the failure is estimated to cost the Deposit Insurance Fund $200 million.
Sanderson State Bank in Sanderson, Texas, was also closed. The Pecos County State Bank in Fort Stockton, Texas, agreed to take over Sanderson State's $28 million of deposits for a 0.5% premium and buy about $3.8 million of the failed bank's $37 million of assets, the FDIC said. The agency estimated the cost of Sanderson State's failure at $12.5 million. It was the second failure of the year in Texas after the Nov. 7 collapse of $5.1 billion-asset Franklin Bank, based in Houston.
One in five insolvencies this year has now occurred in Georgia, which has been rocked by the real estate downturn.
Before First Community, regulators on Nov. 21 closed The Community Bank, a $681 million-asset institution in Loganville; $354.1 million-asset Alpha Bank & Trust in Alpharaetta on Oct. 24; and $1.1 billion-asset Integrity Bank in Alpharetta on Aug. 29.