The four
branches of Haven Trust will reopen on Monday as branches of BB&T. All the
depositors of Haven Trust will automatically become depositors of BB&T.
Deposits will continue to be insured by the FDIC, so there is no need for
customers to change their existing banking relationship to retain their deposit
insurance coverage. Customers of the failed bank should continue to use their
existing branches until they receive further information from BB&T.
Over the
weekend, depositors of Haven Trust can access all their money by writing checks
or using ATMs or debit cards. Checks drawn on the bank will continue to be
processed. Loan customers should continue to make their payments as usual.
As of December
8, 2008, Haven Trust had total assets of $572 million and total deposits of
$515 million. BB&T agreed to assume all of the deposits for $112,000. In
addition to assuming all of the failed bank's deposits, BB&T will purchase
approximately $55 million of the failed bank's assets. The FDIC will retain the
remaining assets for later disposition.
Customers who
have questions about today's transaction can call the FDIC toll-free at
1-866-782-1402. This phone number will be operational this evening until 9
p.m., EST; on Saturday from 9 a.m. to 6 p.m., EST; on Sunday from noon to 6
p.m., EST; and thereafter from 8 a.m. to 8 p.m., EST. Interested parties can
also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/haventrust.html.
It is
important to note that neither the FDIC as receiver nor BB&T as the
acquiring institution will e-mail customers of Haven Trust asking them to
validate their deposits or to request personal, confidential information, such
as account numbers, social security numbers or driver's license numbers.
Customers will not be asked to revalidate passwords, deposit accounts or
deposit insurance. If customers receive e-mails asking for such personal
information, they should consider the e-mails fraudulent and should not
respond.
The FDIC
estimates that the cost to the Deposit Insurance Fund will be $200 million. The
BB&T's acquisition of all deposits was the "least costly"
resolution for the FDIC's Deposit Insurance Fund compared to alternatives.
Haven Trust is the 24th bank to fail in the nation this year, and the fifth in
Georgia. The last bank to be closed in the state was First Georgia Community
Bank, Jackson, GA, on December 5, 2008.