About $788 million in loans from failed Atlanta lender Silverton Bank will be sold over the next month by DebtX, the online auction company said Thursday.
The sale involves real estate and commercial and industrial loans in 27 states, including Georgia, Alabama, Florida, Ohio and Washington. The package includes a $20.7 million loan for residential lots in Las Vegas, though many of the 344 loans are less than $1 million.
The loans will be offered on an individual basis, with bids due by 1 p.m. on Oct. 20. Information on the loans can be found at debtx.com. Silverton, a “banker’s bank” based in Atlanta that’s owned by the member banks it serves, failed four months ago.
Unlike traditional banks, Silverton didn’t take deposits or make loans to the public. Silverton offered its members — mostly small community banks — a range of services including lending and investment banking.
But many of the loans Silverton made to banks in recent years went bad as the real estate market imploded and the economy plunged into a recession.
