Regulators close banks in Georgia, New Jersey and Utah
by RTT Staff Writer
(RTTNews) - Regulators on Friday closed Silverton Bank in Atlanta, Georgia, Citizens Community Bank in Ridgewood, New Jersey and America West Bank in Layton, Utah, taking the total number of bank failures in the U.S. this year to 32.
The federal Office of the Comptroller of the Currency closed Silverton Bank, and appointed the Federal Deposit Insurance Corp. as receiver.
Silverton Bank did not take deposits directly from the general public nor did it make loans to consumers. It was a commercial bank that provided correspondent banking services to its client banks.
The Federal Deposit Insurance Corp. has created a bridge bank to take over the operations of Silverton Bank. The newly created bank is Silverton Bridge Bank, N.A.
Silverton Bridge Bank will continue to operate business as usual through July 29. However, the lending function will be issuing separate guidelines; and, brokered deposits will be paid out directly by the FDIC.
Citizens Community Bank, Ridgewood, New Jersey was closed by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corp. was named receiver.
All deposit accounts of Silverton Bank have been transferred to North Jersey Community Bank, Englewood Cliffs and will be available immediately. The former Citizens Community Bank's sole office will reopen on Monday as a branch of North Jersey Community Bank.
The Utah Department of Financial Institutions closed America West Bank, and appointed the Federal Deposit Insurance Corp. as receiver.
All deposits of America West Bank have been transferred to Cache Valley Bank, Logan, Utah and will be available immediately. The former America West Bank locations will reopen on Monday as branches of Cache Valley Bank. The drive-up facility at the Layton office will open on Saturday during regularly scheduled hours.
by RTT Staff Writer
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