The dream of Mike Patel (shown here with former British prime minister Tony Blair) to serve the financial needs of the Asian-American hotel community may be over. The Georgia Department of Banking and Finance seized the Haven Trust Bank, a Georgia-based institution Patel and his family founded in 2001. A bank in North Carolina will take over operations of Haven Trust.

Patel, one of the veteran leaders in the Asian-American lodging community, along with his brother R.C. and other Indian Americans,  launched the bank as a vehicle for Indian entrepreneurs and others to secure financing to acquire and build lodging properties in the U.S. At its peak, the bank had assets and deposits each in excess of $500 million and was one of the country’s leading Small Business Administration lenders. Earlier this year, Haven Trust was ranked as the 44th fastest-growing business in America by Entrepreneur magazine.

Mike and R.C. Patel also own Diplomat Companies, an Atlanta-based real estate company specializing in hotels. And in 2008, the Patels relaunched Budgetel as a franchise-friendly economy hotel brand. In November, America’s Best Franchising, Inc. assumed licensing, marketing and management responsibilities for the brand.