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)

Fewer banks see 3Q profit

Nearly half of Georgia's insured banks are not making any money. A 3rd quarter report by the Federal Deposit Insurance Corporation, or FDIC, which insures banks and savings and loans, says 41% of Georgia's institutions were unprofitable. In the 3rd quarter of 2007, the FDIC reports only 12% of Georgia's banks and savings and loans were unprofitable.

(Atlanta Business Chronicle)

Delta's new logo first of many changes for carrier

Delta Airlines unveiled its new corporate logo at the carrier’s coming out party in Atlanta, as rank and file gathered to celebrate the end of Chapter 11.

The tri-colored red, blue and burgundy chevron will decorate the tail section of nearly 1,000 Delta planes world wide.

And, that’s just the beginning of a number of changes for the nation’s third largest carrier.

As Delta re-tools its fleet to serve a burgeoning international market, Delta CEO Jerry Grinstein says while tough times are behind them, the real work lies ahead.

“Our costs are low. We’re heading towards forty-five percent in the international market and we’ve shrunk some of our domestic service, but we’re still in those markets. You’re gonna have the ups and downs but right now, Delta’s performing very well against all competition, foreign and domestic.”

Grinstein is expected to step down later this year.

In the meantime, the company has shifted into hiring mode, as pilots and flight attendants are re-called to service points overseas.