Friday Failure

Another Georgia bank was taken over by the FDIC. Haven Trust Bank of Duluth, GA went down. There sure are a lot of small failures in Georgia. Anyone have an idea why?

Here’s the WSJ blurb on it:

State regulators closed Haven Trust Bank of Duluth, Ga., and Branch Banking & Trust agreed to assume all the failed bank’s deposits.

Haven Trust, which had $572 million in assets, is the 20th bank to fail this year amid the financial crisis.

BBT of Winston-Salem, N.C., entered into an agreement with the Federal Deposit Insurance Corp. to assume all of Haven Trust’s $515 million in deposits for $112,000.

BB&T also agreed to buy $55 million of Haven Trust’s assets. The FDIC will take control of the rest.

The failed bank’s four branches will reopen as BB&T branches Monday.

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