New bank failures for the week of May 4 include Georgia's Silverton Bank, New Jersey's Citizens Community Bank and Utah's America West Bank, bringing the total number of institutions shuttered by regulators this year to 32.
All 57 bank failures since the beginning of 2008 are detailed on TheStreet.com's interactive bank failure map:
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Atlanta-based Silverton Bank, which provided bank and correspondent services to 1,400 banks and thrifts across the country, had $4.1 billion in total assets and $3.3 billion in deposits. The bank also facilitated loan participations between banks and made large land acquisition and development loans on its own. The Federal Deposit Insurance Corp., which was appointed receiver, formed a bridge bank to allow Silverton customers to arrange new correspondent banking relationships. ...
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