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…