Bank Failure Friday: Silverton Bank goes under

In typical fashion, a bank just happened to go under after the markets closed on Friday. What is significant about this bank is the size.

Silverton Bank had approximately 1,400 client banks in 44 states, and operated six regional offices.
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The FDIC estimates that the cost to the Deposit Insurance Fund will be $1.3 billion. Silverton Bank is the 30th bank to fail in the nation this year and the sixth in Georgia.

It's also interesting just how many banks are failing in Georgia, since Georgia wasn't really a housing bubble state.

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that is strange

But this article is saying the cause is the

Map & List of Failed Banks in 2009

FDIC closed 2 banks this Friday, the MAY DAY.

"Silverton Bank, N.A., Atlanta, GA" and "Citizens Community Bank, Ridgewood, NJ" .

Till now 31 banks have failed this year and 56 from 2008.

Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009

And on google map see where the banks are failing at :
http://portalseven.com/finance/Failed_Banks_Map_2009.jsp

Some statistics about the bank failures :

Silverton Bank, N.A., Atlanta, GA:
# 30th bank to fail this year in USA
# 6th bank from Georgia to fail this year and 11th since 2008
# Has $4.1 billion in assets and $3.3 billion in deposits

Citizens Community Bank, Ridgewood, NJ:
# 31st bank to fail this year in USA
# 1st bank from New Jersey to fail since 2008
# Has $45.1 million in assets and $43.7 million in deposits

Also layoff tracker at :
http://portalseven.com/Layoffs

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Keep in mind, their "assets"

Keep in mind, their "assets" are effectively Accounts Receivable (as Loans) and the reason they're in receivorship is due to the "quality" of loans, based on their performance. Missing here is the "Reserve" number, which as a ratio would indicate the leverage of actual
reserves on-hand to outstanding loans. Just an FYI;-)

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