What is the main problem with banking in Atlanta Georgia? While early reports show huge default and foreclosure rates inside the downtown loop, many homes were sold outside of Atlanta. Today, another bank was closed.
The Federal Deposit Insurance Corp. has shut down Silverton Bank, the failed Atlanta “bank of banks,” instead of selling it to private-equity investors, according to a person familiar with the situation.
An FDIC spokesman didn’t immediately return a call and email for comment.
Silverton provides services to other banks and doesn’t take consumer deposits. After seizing the bank on May 1, regulators created a “bridge bank” to operate Silverton while it looked for a buyer.