On Friday, May 1, 2009, Silverton Bank, N.A., Atlanta, GA
was closed by the Office of the Comptroller of the Currency (OCC) and
the Federal Deposit Insurance Corporation (FDIC)
was named Receiver. No advance notice is given to the
public when a financial institution is closed.
Silverton Bank did not take deposits directly 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 FDIC has compiled the following information,
which should answer many of your questions.
The FDIC has issued a press release
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact
David Barr at 202-898-6992.
The Federal Deposit Insurance Corporation (FDIC) created a bridge bank to
take over the operations of Silverton Bank, N.A. The
newly created bank is Silverton Bridge Bank, N.A.
The creation of the bridge bank allows its client banks to transition their correspondent banking needs to other providers with the least amount of disruptions.
Silverton Bridge Bank N.A. will continue to operate business as usual through
July 29, 2009. However, the lending function will be issuing separate guidelines;
and, Depository Trust & Clearing Company (DTCC) brokered deposits will be paid out directly by the FDIC.
For additional information and answers to specific issues
a conference call was held Saturday,
May 2, 2009, at 3:00pm EST. The affected customers were notified of the number
to call. Please refer to the Silverton
Bank, N.A. Conference Call Agenda for details.
If you were unable to dial-in, a replay of the
call can be accessed by calling 1-800-867-1927. The replay will be
available until May 8, 2009 at 3:00pm EST.
This was a call for
clients of Silverton Bank and is not meant for the media. If
representatives of the press access this replay, there
should be no attribution or use of this information in any
of your reporting.
If you have any questions regarding media
issues, please contact David Barr at (202) 898-6992 at
written transcript is also available.
If you or your company provided a service or product, leased space, furniture, or equipment to
Silverton Bank, N.A. after Friday May 1, 2009 and have not been paid you do not have a claim against
Silverton Bank, N.A. Please follow your normal billing procedures by providing an invoice as instructed.
Claims against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. If you or your company provided
a service or product, leased space, furniture, or equipment to Silverton Bank,
prior to Friday May 1, 2009 and have not been paid you may be
entitled to a claim against the bank. If you provided a product to or a service for
Silverton Bank, N.A. prior to the bank's failure for which you have not been
paid and you have not received communication,
Federal Deposit Insurance Corporation Receiver:
Silverton Bank, N.A.
1601 Bryan Street
Dallas, TX 75201
Please note: There are time limits for filing a claim,
your claim must be filed on or before 08/05/2009.
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured Institution.