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Failed Bank Information for Sanderson State Bank, Sanderson, Tex. |
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Posted on 12/14/2008 7:23:49 AM PST by rabscuttle385
WASHINGTON, Dec 12 (Reuters) - A small bank in Georgia and another in Texas became the 24th and 25th banks to fail this year, the Federal Deposit Insurance Corp said on Friday.
Haven Trust Bank of Duluth, Georgia, had total assets of $572 million and total deposits of $515 million as of Dec. 8, the FDIC said. BB&T Corp (BBT.N) agreed to acquire all of Haven's deposits.
Haven's four branches will reopen on Monday as branches of BB&T, the FDIC said.
The failure is expected to cost the bank regulator's deposit insurance fund about $200 million. The FDIC's fund has been dwindling as an increase in bank failures has taken its toll, reducing the fund to $34.6 billion at the end of the third quarter.
The FDIC said in addition to assuming all of the failed bank's deposits, BB&T will buy about $55 million of Haven Trust's assets. The FDIC will retain the remaining assets for later disposition.
The agency also said that Sanderson State Bank became the 25th U.S. bank to fail this year after being shut down by Texas state regulators.
As of Dec. 3, Sanderson had total assets of $37 million and total deposits of $27.9 million. Its deposits were acquired by The Peco County Bank, the FDIC said.
The FDIC estimated the failure of Sanderson costs the deposit insurance fund about $12.5 million.
(Excerpt) Read more at reuters.com ...
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Failed Bank Information for Sanderson State Bank, Sanderson, Tex. |
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so when does this stop?
and how does comrade obamao stench the flow of blood?
This is probably the ONLY legitimate use for bailout money, not refunding investors of bad investments or rewarding UAW for failure.
"I think that the downturn will be much more prolonged than usual. The average for the USA for 1854-2001 was 17 months, but the Great Depression of 1929-33 lasted 43 months and the grandaddy of recessions in this period was one which lasted 65 months from 1873-79. It would be wise to prepare for a long siege.
As the Fed bailouts continue, expect all forigen investors (what little is left) to dissappear, expect all non unionized enteties to unionize or die, and, expect all financial institutions not run by the government to fail.
Welkome to the new Amerika.
This whole thing is like a bad tv show, I can just hear the announcer...
“The new Amerika” is brought to you by; DUmmies, the cute usefull idiots that no absolutly nothing, The Centers for Disease Control, that remind you “It’s not so much what you do, but how often you do it”, The AFL/CIO/NFL/ABC/ Union, reminding you that if you have a non union job, you’re breaking the law, and the ACLU, tearing down that which they ‘pretend to defend’...
FRiends, this may be our last Christmass. We are headed toward deep do do, so I hope I at least made milk come out your nose.
Georgia is one of the most over built housing and development markets in the country. It will bleed out for a long time.
BBT is a solid regional bank. Looks like to me that they saved some jobs and the tax papers a lot of government money
2 banks in less than a month to fail in Georgia.
Not good for local farmers.
4 since mid October.
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