Federal banking regulators are telling The Savannah Bank it needs to reduce its troubled assets. The Office of the Comptroller of the Currency has given the bank its lightest possible action, letting bank officials dictate their own terms for reducing delinquent loans and reposessions. The move speaks to how far Georgia banks have to recover from the Great Recession.
Federal banking regulators want former officials of Atlanta-based Silverton Bank to pay $71 million in damages following Georgia's largest bank failure. Silverton went belly up two years ago. Now, the Federal Deposit Insurance Corporation alleges, former bank officials followed lax lending policies and bought lavish airplanes and posh buildings while their bank verged on collapse.