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  • Thrice_Gutshot Thrice_Gutshot May 1, 2009 4:40 PM Flag

    Silverton Bank Falls....AH of course...

    Silverton Bank taken over by regulators
    Closure marks 30th bank failure this year and 6th in Georgia
    By Matt Andrejczak, MarketWatch
    Last update: 4:34 p.m. EDT May 1, 2009Comments: 3SAN FRANCISCO (MarketWatch) -- Regulators on Friday shut down Georgia's Silverton Bank N.A., marking the 30th bank failure this year and the sixth in that state.
    Silverton Bank, based in Atlanta, had $4.1 billion in assets and $3.3 billion in deposits at the time of closing. It operated six regional offices.
    The Comptroller of the Currency, which closed the bank, appointed the FDIC as receiver.
    The bank did not take deposits from the general public nor did it make loans to consumers. It was a commercial bank that provided correspondent banking services to its client banks, the Federal Deposit Insurance Corp. said in a statement.
    The FDIC said it has created a bridge bank, to be called Silverton Bridge Bank, N.A., to allow the client banks to maintain their correspondent banking relationship with the least amount of disruption. The FDIC will operate Silverton Bridge Bank, N.A., to allow preexisting marketing efforts for the bank to continue.
    The FDIC pegged the cost of the closure to the deposit insurance fund will be $1.3 billion. The last FDIC-insured bank to fail in Georgia was American Southern Bank in Kennesaw. It was shut down on April 24.
    Matt Andrejczak is a reporter for MarketWatch in San Francisco

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