Three more banks closes

1. Silverton Bank, was a “bankers’ bank,” offering a wide variety of services, such as foreign wire transfers, as well as clearing and cash management, to other banks.At the time of its closing, Silverton Bank had approximately $4.1 billion in assets and $3.3 billion in deposits, all of which are expected to be within the FDIC’s insurance limits.
2. North Jersey Community Bank, had total assets of approximately $45.1 million and total deposits of $43.7 million
3. Cache Valley Bank, based in Logan, Utah, is assuming all deposits, paying discounted price of $352,000. It also agreed to buy nearly $11 million worth of America West’s assets and took a 30-day option to purchase loans at book value. The FDIC estimates that the cost to the Deposit Insurance Fund will be $119.4 million.