5th Georigia bank fails; 2 dozen fail nationally

The Georgia Department of Banking and Finance has closed Haven Trust Bank, the fifth bank in the state to close this year and the 24th nationally. The Federal Deposit Insurance Corp. was named receiver Friday and entered into an agreement with Branch Banking and Trust of Winston-Salem, N.C., to assume Haven Trust's $515 million indeposits for $112,000. Haven Trust's four branches reopen on Monday as branches of Branch Banking and Trust, and its depositors will automatically become depositors of Branch Banking and Trust. The FDIC says depositers can access all their money over the weekend by writing checks or using ATMs or debit cards. As of December 8th, Haven Trust had assets of $572 million, and about $55 million will be purchased by Branch Banking and Trust.

(Associated Press)