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American Sterling Bank was closed by regulators Friday, marking the 24th bank failure of the year as the credit crunch continues to spread through the economy.
US authorities on Friday closed down the Silverton Bank in Atlanta, Georgia, and created a "bridge bank" to take over its operations. Silverton Bank is the 30th bank to fail in the nation this year and the sixth in Georgia as the United States reels from prolonged recession stemming from a home mortgage meltdown. The Federal Deposit Insurance Corporation (FDIC) said in a statement that it has created a bridge bank to take over the operations of Silverton Bank after the bank was closed Friday by the Office of the Comptroller of the Currency (OCC). The OCC appointed the FDIC as receiver, it said. At the time of its closing, Silverton Bank had approximately 4.1 billion dollars in assets and 3.3 billion dollars in deposits, all of which are expected to be within the FDIC's insurance limits.