Bankruptcy

Silverton Financial Services, Formerly The Bankers Bank, Files Chapter 7 Petition After Being Closed By FDIC

By Scott Riddle

Silverton Financial Services, Inc., formerly known as The Bankers Bank,  filed a Chapter 7 petition in the Northern District of Georgia on June 5, 2009.  The Bank was closed by the FDIC on May 1, 2009.  The case number is 09-74623-jem. 

Jeffrey K. Kerr, CPA was appointed as Chapter 7 Trustee to liquidate the assets of the company.

The FDIC had just decided to liquidate the assets prior to the filing.   From a June 6, 2009 Wall Street Journal article -

The Federal Deposit Insurance Corp. has decided to wind down Silverton Bank, the failed Atlanta "bankers' bank," instead of selling it to investors, a setback for the private-equity industry but not one expected to damp its hunger for troubled banks.

A consortium that included Carlyle Group LLC submitted a bid for the lender two weeks ago. "The bid underwent an evaluation and negotiation process by the FDIC," the agency said in a letter sent to Silverton's customers late Thursday. "Regrettably, an equitable offer could not be agreed upon by all parties."

In addition to Carlyle, the potential investor group included private-equity investors Lightyear Capital LLC, Harvest Partners LLC and Colony Capital LLC...

Full post as published by Georgia Bankruptcy Blog on June 15, 2009 (boomark / email).