Two more banks collapsed under the pressure of financial volatility Friday.
Georgia-based Haven Trust Bank was closed by regulators and seized by the Federal Deposit Insurance Corporation. North Carolina-based Branch Banking and Trust will assume all of Haven Trust’s $515 million in deposits and a small $55 million share of Haven Trust’s assets.
It is estimated that the closure will cost the FDIC$200 million.
All four of the bank’s branches will reopen Monday under the name of Branch Banking and Trust and customers will continue being insured by the FDIC. Additionally, customers will be able to continue using ATMs and writing checks as usual over the weekend.
The relatively smaller Texas-based Sanderson State Bank was closed by Texan regulators and acquired by Pecos County State Bank.
Pecos will acquire all of Sanderson’s $27 million deposits and a $3.8 million share of its assets. As is the case with Haven Trust Bank, customers will continue to be insured and have access to their money over the weekend. Sanderson’s only branch will reopen Monday as a Pecos branch.
The Sanderson closure is estimated to cost the FDIC $12.5 million.
Customers can contact the FDIC for more information about the closures.
Haven Trust: (866) 782-1402 until 9 p.m. EDT Friday evening, and Saturday from 9 a.m. to 6 p.m.
http://www.fdic.gov/bank/individual/failed/haventrust.html
Sanderson: (866) 782-1766 until 9 p.m. Friday evening, and Saturday from 9 a.m. to 6 p.m. CST
http://www.fdic.gov/bank/individual/failed/sanderson.html.
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