Sanderson State Bank and Haven Trust Bank Fail
This morning when I woke up I learned that the number of failed banks is now 25 for 2008. Sanderson State Bank in Texas and Haven Trust Bank is Georgia failed. The state banking regulators in Texas and Georgia closed these banks in order to protect deposits through the Federal Deposit Insurance Corp.
When the Federal Deposit Insurance Corp. comes in to take over failed banks, the banks do re-open. The Sanderson State Bank will reopen Monday as The Pecos County State Bank. With respect to Haven Trust Bank, Winton-Salem, North Carolina bank, Branch Banking & Trust will assume the deposits of Haven Trust Bank.
Don’t think that these bank failures don’t cause pain. The Deposit Insurance Fund will have to pay $12.5 million for the Sanderson State Bank failure and $200 million for the Haven Trust Bank failure. But, thankfully the depositors will not be hurt up to the FDIC insurance limits.
Random Posts
Comments
Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!
