FDIC to wind down Atlanta's Silverton bank

[Joanne98]

Source: Reuters


NEW YORK (Reuters) - The U.S. Federal Deposit Insurance Corp said on Friday that it would wind down Silverton Bank, a failed Atlanta bank that regulators seized last month, and sell its assets instead of trying to sell it as a whole.
Regulators took over the bank on May 1 and created a "bridge bank" to run Silverton while they searched for a buyer.

But the FDIC said its marketing efforts did not result in any interest in acquiring Silverton.

"Prior to the FDIC's appointment as receiver, Silverton had initiated a marketing effort which was allowed to continue until a whole bank acquisition was no longer feasible," it said in an e-mailed statement.

Silverton, which provided services to other banks rather than to consumers, had about $4.1 billion in assets and $3.3 billion in deposits.

A consortium of private equity firms, including Carlyle Group CYL.UL, Lightyear Capital, Harvest Partners and Colony Capital, was in talks to buy the bank, The Wall Street Journal reported


Read more: http://www.reuters.com/article/gc06/idUSTRE5545DZ20090605

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