What is Silverton Bank

What is Silverton Bank - named receiver and a bridge bank -...

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What is Silverton Bank? -Silverton Bank is a national banking association primarily regulated by the OCC. -Its deposits are FDIC insured. -Silverton is known as a banker’s bank which in the banking industry is called a correspondent bank meaning it doesn’t service individual customers rather it provides deposit and credit services to other banks. Services Silverton offers a number of services in - Capital markets - Commercial Banking - Payment Solutions - Card Services - Consulting Services and - Investment Services. Current Status On Friday, May 1 st , 2009 Silverton Bank was closed by the OCC and the FDIC was
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Unformatted text preview: named receiver and a bridge bank - Silverton Bridge Bank was created which allows client banks to maintain their correspondent banking relationship with the least amount of disruption. This Bridge Bank will be operational for a period of time sufficient to allow client banks to transition correspondent services. Why Silverton Failed? Silverton Bank failed primarily due to significant loan losses which eroded its capital position and reduced its ability to maintain adequate liquidity...
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This note was uploaded on 07/20/2009 for the course FIN 685 taught by Professor Moody during the Summer '09 term at Shaw.

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