Atlanta bank failure hurts Augusta bank's bottom line

Southeastern Bank Financial Corp. today revised its financial statements for the first quarter to reflect the impact of the closure of Silverton Bank of Atlanta.

 

Augusta-based Southeastern Bank Financial held approximately $1 million worth of stock and securities in Silverton Financial Services Inc., the holding company of Silverton Bank, prior to the bank's seizure by the FDIC.

Southeastern Bank Financial is the holding company for Georgia Bank & Trust and Southern Bank & Trust.

The revised financial statement for the quarter now reflects a loss of $163,981 in investment securities, compared to a gain of $743,900 reported previously.

This reduced net income for the first quarter to $56,124 from $685,759 as previously reported.

“The actual loss has minimal impact on our overall financial health,” said R. Daniel Blanton, president and chief executive officer.

Atlanta-based Silverton provided credit and deposit services to more than 1,500 banks nationwide. It was seized by the FDIC on May 1.

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