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Haven Trust Bank - Duluth, Georgia

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December 12, 2008: Haven Trust Bank, Duluth, GA was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of December 8, 2008, Haven Trust had assets of $572 million and total deposits of $515 million.

The FDIC entered into a purchase and assumption agreement with Branch Banking & Trust (BB&T), Winston-Salem, NC, to assume all of Haven Trust's deposits, including those that exceeded the insurance limit.

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.

All deposit accounts have been transferred to BB&T and are available immediately. On Monday, December 15, 2008, the four former Haven Trust Bank locations reopened as branches of BB&T.

Transferred deposits will be separately insured from any accounts you may already have at BB&T for six months after the failure of Haven Trust.

Branch Banking and Trust Company - BB&T
200 West Second Street
Winston Salem, NC 27104

The FDIC estimates that the cost to the Deposit Insurance Fund will be $200 million

For additional information and assistance contact the FDIC at: 866-782-1402 or go to:

2008 FDIC Insured Failed Banks
Haven Trust Bank
6340 Sugarloaf Parkway, Suite 100
Duluth, GA 30097

Established on 1/24/2000 as
Horizon Bank

Assets: $572 million
Deposits: $515 million
Cost to FDIC: $200 million



Insured deposits: All deposit accounts have been transferred to Branch Banking & Trust Company (BB&T), Winston-Salem, North Carolina, and are available immediately.

Services: Automated Teller Machines (ATM) and online services remain available at the time of closing. As of Monday, December 15, 2008, you may continue to use the services to which you previously had access, such as, online service, safe deposit boxes, night deposit boxes, wire services, etc.

Checks: Checks will be processed as usual. All outstanding checks will be paid against your available balance as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, contact your branch office.

Interest: All interest accrued through Friday, December 12, 2008, will be paid at your same rate. BB&T will be reviewing rates and will provide further information soon. You will be notified of any changes.

Withdrawals: Account owners may withdraw your funds from any transferred account without an early withdrawal penalty until a new deposit agreement is signed with BB&T as long as the deposits are not pledged as collateral for loans.

Automatic Direct Deposits: Automatic direct deposits and/or automatic withdrawals will be transferred automatically to your new bank. Contact a representative of your assuming institution at your branch office.

Loans: If you had a loan with Haven Trust Bank, you should continue to make your payments as usual.  The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to in your promissory note with the failed institution.  Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, you may call 1-866-782-1402.

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for Haven Trust Bank, and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Haven Trust Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201
Call toll free 1-800-568-9161

Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised.  For assistance go to: Unclaimed Account Search

History: Established in 200 as Horizon Bank
12/1/2005 - Name changed to Haven Trust Bank