Failed Bank Information
Information for Silverton Bank, N.A., Atlanta, GA
- Press Release
- Bridge Bank
- Question and Answer Guide
- Conference Call for Bank Customers
- Banking Services
- Lending Function
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (14.6 mb PDF File - PDF Help)
- Balance Sheet Summary
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.
II. Press Release
The FDIC has issued a press release (PR-061-2009) about 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.
III. Bridge Bank
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.
V. Conference Call for Bank Customers
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 (888) 206-4662. 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 firstname.lastname@example.org. A written transcript is also available.
VI. Banking Services
Silverton Bridge Bank, N.A. will provide business services as usual. Please continue to use your customary account manager for guidance on how to address your specific needs.
VII. Lending Function
Separate Guidelines will be issued. Please refer to the Question and Answer Guide for information on specific issues.
VIII. Possible Claims Against the Failed Institution
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, N.A. 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, contact:
FDIC as Receiver forSilverton 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.
IX. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
IX. Dividend Information
XI. Brokered Deposits
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.