Silver Falls Bank Fails
Silver Falls Bank has failed, becoming the 14th victim of the Credit Crunch. The FDIC took possession of the bank and flipped it to Citizens Bank.
If you're a Silver Falls depositor, don't worry: your money is safe, and you can carry on using your existing ATM card and checkbook until Citizens fully integrates the Silver Falls branches into its existing network.
The 7-year-old bank had three branches, assets of $131.4 million and total deposits of $116.3 million. The bank had a loan portfolio with poor-performing construction and development loans.
The failure is expected to cost the FDIC deposit insurance fund an estimated $50 million, the FDIC said in a statement released late on Friday.
The agency also has running a tally of problem banks that its examiners closely monitor. At the end of the third quarter, 171 undisclosed institutions were on that list.