Atlanta bank failure hurts Augusta bank's bottom line

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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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MaskedMan
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MaskedMan 05/11/09 - 02:21 pm
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Dan, say it ain't so!! You,

Dan, say it ain't so!! You, lying to your shareholders....your customers???? Wow, after all these fluff pieces on you, I would have never believed it. I mean, you've BUILT this bank,,,,by marrying the man that has controlling interest, with your bare hands, and the experience and professionalism af pierce Blanchard...all those days you spent sweating(on the golf course raking in the dough because of the mortgage dept) and all those late hours downtown(drinking) putting plans together for the new bank there. Of course, this is a minimal problem.....

MaskedMan
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MaskedMan 05/11/09 - 02:23 pm
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Kidding, you all at GB&T will

Kidding, you all at GB&T will handle the problem. Got my money on ya.......

Tired of the BS
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Tired of the BS 05/11/09 - 02:48 pm
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masked man or masked idiot???

masked man or masked idiot???

onecatfish
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onecatfish 05/11/09 - 04:07 pm
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Obama friends, Take,Take,Take
Unpublished

Obama friends, Take,Take,Take and lie to the poeple.

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