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.
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.