CONVENANT BANK & TRUST Failed 2012
What happened
CONVENANT BANK & TRUST of ROCK SPRING, GA was closed on 2012-03-23. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to STEARNS BANK, NATIONAL ASSOCIATION (ST.CLOUD, MN). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3997
- FDIC Certificate
- 58068
- FDIC FIN
- 10430
- Bank name
- CONVENANT BANK & TRUST
- Location
- ROCK SPRING, GA
- Failure date
- 2012-03-23
- FDIC resolution date
- 2012-03-23
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $30M
- Deposits at failure
- $91M
- Assets at failure
- $96M
- Acquiring bank
- STEARNS BANK, NATIONAL ASSOCIATION (ST.CLOUD, MN)
Other banks STEARNS BANK, NATIONAL ASSOCIATION acquired in FDIC resolutions