Silverton Bank is the Nation’s Bank Failure #30

The Silverton Bank of Atlanta, Georgia was closed on Friday by federal regulators.

From FDIC: The Federal Deposit Insurance Corporation (FDIC) created a bridge bank to take over the operations of Silverton Bank, National Association, Atlanta, Georgia, after the bank was closed today by the Office of the Comptroller of the Currency (OCC). The OCC appointed the FDIC as receiver.

Silverton Bank had approximately 1,400 client banks in 44 states, and operated six regional offices.

At the time of its closing, Silverton Bank had approximately $4.1 billion in assets and $3.3 billion in deposits, all of which are expected to be within the FDIC’s insurance limits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $1.3 billion.

Silverton Bank is the 30th U.S. bank to fail this year and the sixth in Georgia. The last FDIC-insured institution to fail in the state was American Southern Bank, Kennesaw, on April 24.

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