FIs closed: Habersham Bank, Clarkesvill, Georgia, USA
On Friday, 18 February, 2011, Habersham Bank, Clarkesville, GA was closed by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with SCBT National Association, Orangeburg, South Carolina, to assume all of the deposits of Habersham Bank.
The eight branches of Habersham Bank reopened during their normal business hours beginning Saturday as branches of Habersham Bank, a division of SCBT National Association.
As of 31 December, 2010, Habersham Bank had approximately USD387.6 million in total assets and USD339.9 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD90.3 million.
Habersham Bank is the nineteenth FDIC-insured institution to fail in the USA this year and the fifth in Georgia.
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