On Friday, March 23, 2012, Covenant Bank & Trust was closed by the Georgia Department of Banking and Finance. The FDIC was named Receiver. Stearns Bank, National Association (N.A.), St. Cloud, MN acquired all deposit accounts.
The FDIC as Receiver for Covenant Bank & Trust, Rock Spring, GA has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on September 30, 2021 and has made all dividend distributions required by law.
Effective April 1, 2022, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.
Receivership Status: TERMINATED
Notice of Termination
Notice of Intent to Terminate
Dividend Information
Press Release
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ACQUIRING INSTITUTION: STEARNS BANK, N.A.
About Stearns Bank, N.A.
All deposit accounts, including brokered deposits, were transferred to Stearns Bank, National Association (N.A.), St. Cloud, MN ("assuming institution"). Former Covenant Bank & Trust locations reopened as branches of Stearns Bank, N.A..
Your transferred deposits were separately insured from any accounts you may have already had at Stearns Bank, N.A. for at least six months after the failure of Covenant Bank & Trust.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Stearns Bank, N.A. as long as the deposits are not pledged as collateral for loans.
Contacting Stearns Bank, N.A.
You can contact Stearns Bank, N.A.:
Stearns Bank, N.A.
4191 Second Street South
Saint Cloud, MN 56303
Stearns Bank, N.A. (www.stearnsbank.com)
Transaction Documentation
Purchase & Assumption Agreement - PDF (11.04Mb)
Agreement between FDIC and acquiring institution
Bid Summary
Report on the bids to purchase the failed bank