June 05, 2009

The Federal Deposit Insurance Corp. said it is throwing in the towel on Silverton Bank, a so-called "banker's bank" that it shut down in May and tried unsuccessfully to sell off.FDIC, a government entity that insures thousands of banks nationwide, took over the Atlanta-based Silverton on May 1 with the intention of finding another business to take it over.

But FDIC spokesman David Barr told CNNMoney.com on Friday that the government gave up attempts last weekend to find a buyer."We created a marketing effort to try and get someone to buy Silverton, but we were unsuccessful in doing that," said Barr. "We received one bid over the weekend and it was not sufficient."