Atlanta bank failure to have big impact

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  • Wed, May 06, 2009 - 12:04pm

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    Atlanta bank failure to have big impact

Unlike the 31 other banks that have failed so far this year, Silverton did not take deposits from, or make loans to consumers. Instead, its primary purpose was to offer a variety of services such as check clearing and credit card operations to community banks around the country that find it too costly to do this on their own.
Silverton also often acted as the lead banker on some syndicated commercial real estate loans, a business that helped contribute to its failure.
All told, Silverton serviced approximately 1,400 community banks in 44 states, according to the Federal Deposit Insurance Corporation, making it one of the largest of the 20 or so "bankers’ banks" in the country.

http://cnnmoney.mlogic.mobi/money/latest_news/latest_news/detail/144242/full%3Bjsessionid=149043B7A45C2F23FC531515E4601CF3

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