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2008-12-18  BUSINESS POST | BB&T reopened Haven Trust's Duluth, Johns Creek branches
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| 'We will be assuring them that we are here for them, that their deposits are safe and secure and that we are committed to providing them the same highly personalized service we're well known for in Atlanta.'
Lars Anderson
President, BB&T Georgia operations |
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December 19, 2008
Haven Trust Bank of Duluth was closed Friday by the Ga. Department of Banking and Finance.
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Questions answered
Customers who have questions can call the FDIC toll-free at 1-866-782-1402. This phone number will be operational from 8 a.m. to 8 p.m., EST.
Interested parties can also visit the FDIC's Web site at www.fdic.gov/bank/individual/failed/haventrust.html.
Do not reply to e-mail
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. |
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It was the fifth bank to be closed in Georgia this year, and one of 24 in the country.
The Federal Deposit Insurance Corp. (FDIC) entered into an agreement with BB&T of Winston-Salem, N.C., to assume all of Haven Trust's deposits, including those that exceeded the insurance limit, safeguarding all the deposits.
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. Lars Anderson, president of BB&T's Georgia operations. It will take at least 60 days to fully integrate the deposit records of Haven Trust. BB&T employees will be working side-by-side with Haven Trust employees and clients.
"Our message to our valued new clients is about our strength and stability. We will be assuring them that we are here for them, that their deposits are safe and secure and that we are committed to providing them the same highly personalized service we're well known for in Atlanta," Anderson said.
The four Haven Trust branches — the Duluth headquarters on Sugarloaf Parkway next to The Gwinnett Center, the Johns Creek branch on McGinnis Ferry Road east of Medlock Bridge Road, the Decatur branch on Lawrenceville Highway at North Druid Hills Road in DeKalb County and the Snellville branch on Scenic Highway North — reopened 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. Customers of the failed bank should continue to use their existing branches until they receive further information.
The FDIC was named receiver of the bank upon its closure. To protect the depositors, the FDIC entered into a purchase and assumption agreement with BB&T. BB&T agreed to assume all of the deposits for $112,000. In addition, BB&T will purchase approximately $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 total assets of $572 million and total deposits of $515 million.
Haven Trust opened its Johns Creek branch in summer 2006 after it built the current two-story, 12,000 square foot facility. The bank started operations in 2000.
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.
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