The latest failure
? Haven Trust Bank of Duluth, Georgia. The FDIC arranged the purchase
of Haven's deposits (both insured and those above the insurance limit) by Branch Banking & Trust (BBT
). Haven had four branches, assets of $572 million, and deposits of $515 million. BBT
is only buying $55 million of Haven's assets, leaving the FDIC stuck with the rest. The FDIC estimates it will take a $200 million hit to the Deposit Insurance Fund resolving the failure. Haven is the 24th
bank failure this year.
Shortly thereafter, we also got failure #25
. Sanderson State Bank of Sanderson, Texas, failed, with the FDIC arranging for the assumption of all deposits by Pecos County State Bank of Fort Stockton, Texas. Sanderson is small-time -- a one branch operation with just $37 million in assets and $27.9 million in deposits. Pecos is only buying $3.8 million of Sanderson's assets. Total DIF
costs to the FDIC: Only an estimated $12.5 million.