Banks Closed by the FDIC in 2009: Silverton Bank - Atlanta, GA

	Friday, May 1, 2009: Silverton Bank, N.A., Atlanta, GA was closed by the Office of the Comptroller of the Currency (OCC). The Federal Deposit Insurance Corporation (FDIC) was named Receiver. At the time of its closing, Silverton Bank had approximately $4.1 billion in assets and $3.3 billion in deposits. Silverton Bank had approximately 1,400 client banks in 44 states, and operated six regional offices. It provided a variety of services for its clients, including credit card operations, clearing accounts, investments, consulting, purchasing loans, and selling loan participations. It 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 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, National Association. The creation of the bridge bank allows its client banks to transition their correspondent banking needs to other providers with the least amount of disruption. 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, brokered deposits will be paid out directly by the FDIC. Silverton Bridge Bank, N.A. 3284 Northside Pkwy NW Atlanta, GA 30327 800-523-0640 http://www.silvertonbank.com The FDIC estimates that the cost to the Deposit Insurance Fund will be $1.3 billion. For additional information and assistance contact the FDIC at: 800-523-0640; or go to: http://www.fdic.gov/bank/individual/failed/silverton.html
2009 FDIC Insured Failed Banks




Silverton Bank, N.A. 3284 Northside Pkwy NW Atlanta, GA 30327 http://www.silvertonbank.com
Established on 2/3/1986 as Georgia Bankers Bank
Assets: $4.1 billion
Deposits: $3.3 billion


Cost to FDIC: $1.3 billion

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for Silverton Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Silverton Bank, N.A.
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
800-568-9161

Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search

History: Established on Established on 2/3/1986 as Georgia Bankers Bank
5/24/1994 - Changed name to The Bankers Bank
8/17/2007 - Changed name to The Bankers Bank, National Association
1/01/2008 - Changed name to Silverton Bank, National Association