OCC Appoints FDIC Receiver for Silverton Bank, N.A.

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Silverton Bank, N.A., Atlanta, Georgia. Silverton Bank, N.A. had no branches and had loan production or representative offices in Alabama, Florida, North Carolina, Tennessee, Illinois, Maryland, Ohio and Washington. The bank had approximately $4.1 billion in assets at March 31, 2009.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank has incurred losses that have depleted most of its capital, and there is no reasonable prospect that the bank will become adequately capitalized without Federal assistance.

The FDIC will release information about the resolution of the bank.