TIB Selected By FDIC To Aid Community Banks & Fill Void Left By Failure of Southeastern Correspondent
May 1, 2009
TIB-The Independent BankersBank (TIB) announced today that it has agreed to provide the FDIC with the unique technical expertise and oversight needed to manage the newly formed Silverton Bridge Bank, National Association. Formerly known as Silverton Bank, the Atlanta-based institution specializing in correspondent banking was placed in receivership this afternoon.
The arrangement between TIB and the FDIC does not include any loans or other aspects of the lending or credit functions of Silverton. Rather, TIB’s primary role as Operations Manager will be to provide technical expertise for oversight of certain primary core business lines for the bridge bank. Those business lines include:
- Payment Solutions
- Capital Markets Services
- International Banking Services
“Given the unique nature of Silverton’s balance sheet and operations as a correspondent banking institution, TIB, as the nation’s largest bankers’ bank, was a logical choice to assist in this critical situation,” commented TIB President and CEO, Michael O’Rourke. “As a financially strong and fundamentally sound correspondent provider that understands this vital niche of the banking industry, we will assist in making sure the community banks formerly served by Silverton, are supported with minimal disruptions of service, as they migrate their accounts to new providers.”
“For nearly 30 years, our primary mission has been to serve as a trusted partner to community banks,” noted TIB President and CEO, Michael O’Rourke. “We decided to bid so that we could provide critical operational support to these community institutions. Our management team, officers and staff stepped up to fill the service void that would have been left as Silverton was placed into receivership. Given our stated mission, we could absolutely do nothing less.”
O’Rourke added, “First and foremost, it is important to note that no community banks lost any overnight funding as a result of this event. Further, many of these institutions will now have the opportunity to move their accounts to the strength and safety of TIB, if they so choose. Meanwhile, our current customers will enjoy the benefits that result from the economies of scale and expertise that can be created as a result of this transaction.”
“One of the key factors in deciding to provide our expertise and support in this situation was our ongoing ability to continue providing the same exceptional and personalized service to our existing customers that they have come to expect,” emphasized O’Rourke. “We are confident that is the case and look forward to providing our support to a group of bankers who are in need of a new partner.”
As a bankers’ bank, TIB exclusively serves as a correspondent banking partner to independent community banks. Currently, more than 1,400 independent banks in 46 states rely upon the strength, safety and soundness of TIB as their correspondent of choice. TIB can be found on the internet at www.mybankersbank.com.
Equal Housing
Lender