Silverton Bank In Georgia Shut Down By Regulators

WASHINGTON (AP) - Regulators have shut down Silverton Bank in Georgia and set up a temporary government-controlled bank until a buyer can be found. It was the 30th bank failure this year in the U.S.

The federal Office of the Comptroller of the Currency closed Silverton Bank, based in Atlanta, on Friday and appointed the Federal Deposit Insurance Corp. as receiver. Silverton Bank had about $4.1 billion in assets and $3.3 billion in deposits as of May 1.

It was a type of institution known as a correspondent bank and did not take deposits directly from the public or make loans to consumers. It provided services to around 1,400 client banks, such as credit-card operations, investments and loan purchases.