Replies to post #71887 on Tornado Alley (PROG)

[BullNBear52]

BB&T is a local bank here.

BB&T Corp. has assumed the deposits of the failed Haven Trust Bank in Georgia.

According to the Federal Insurance Deposit Corp., BB&T agreed to assume all of Haven Trust’s deposits for $112,000. In addition, the Winston-Salem-based bank (NYSE:BBT) said it would purchase $55 million of the failed bank’s assets.

The FDIC will retain the remaining assets for later disposition.

As of Dec. 8, Haven Trust had assets of $572 million and deposits of $515 million.

Most of a bank’s assets are made up of loans.

The Georgia bank had four branches.

Haven Trust is the 24th U.S. bank to fail this year.

Nice deal. They also got $3B from TARP. And they didn't ask for any.