Breaking News
Government shuts down Silverton Bank
WASHINGTON — Regulators shut down Silverton Bank in Georgia on Friday and set up a temporary government-controlled bank until a buyer can be found. The bank fell victim to large losses on real estate construction and development loans, regulators said.
The federal Office of the Comptroller of the Currency closed Silverton Bank, based in Atlanta, and appointed the Federal Deposit Insurance Corp. as receiver. Silverton Bank had about $4.1 billion in assets and $3.3 billion in deposits as of May 1.
Also closed Friday was Citizens Community Bank in Ridgewood, N.J., with roughly $45.1 million in assets and $43.7 million in deposits as of Dec. 31. Its deposits are being assumed by North Jersey Community Bank in Englewood Cliffs, and its sole office will reopen on Monday as a branch of that bank.
The two bank closings brought to 31 the number of bank failures this year in the U.S. That compares with 25 in all of last year and three in 2007.
The FDIC estimated that the cost to the deposit insurance fund from Silverton Bank’s failure will be $1.3 billion — the fourth-largest such loss since the financial crisis began felling banks last year.
The regulators have been shuttering failed banks and arranging the sale of their deposits and assets to other financial institutions. In the case of Silverton, however, a buyer couldn’t be found.
Silverton was a type of institution known as a correspondent bank and did not take deposits directly from the public or make loans to consumers. It provided services to around 1,400 client banks, such as credit-card operations, investments and loan purchases.
The FDIC said no “meaningful impact” on the client banks is expected from the creation of the new temporary bank, to be called Silverton Bridge Bank.
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Government shuts down Silverton Bank
Regulators shut down Silverton Bank in Georgia on Friday and set up a temporary government-controlled bank until a buyer can be found. The bank fell victim to large losses on real estate construction and development loans, regulators said.
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