Biggest US 'Bankers' Bank' Fails
By Harry Kimball,  Newser Staff
Posted May 1, 2009 4:11 PM CDT
IndyMac Federal Bank's failure was similar to Silverton's.   (AP Photo)
camera-icon View 2 more images

(Newser) – The FDIC has shut down a Georgia-based bank that was the largest in the country to accept deposits exclusively from other banks, the Wall Street Journal reports. Some argued that Silverton Bank—known as the Bankers' Bank until last year—was “too big to fail.” The FDIC has created a bridge company to manage holdings, and a rep said the agency doesn’t expect “any meaningful impact on the bank's clients.”