SOURCE: Silverton Bank

February 20, 2008 17:37 ET

Record Earnings and Growth in 2007 Reported by National Correspondent Bank

ATLANTA, GA--(Marketwire - February 20, 2008) - Silverton Bank, the nation's largest correspondent bank, today announced that despite challenging times for the banking industry, 2007 was a year of record earnings, geographic expansion and growth in assets and customers. Silverton Bank ended the year with net income of $18,301,000, an increase in earnings of 12.4% per share over 2006. For the third consecutive year, EPS grew by more than 10%.

In addition to strong 2007 financials, Silverton Bank demonstrated growth in new markets by opening three new loan production offices in the West and adding six new business development officers across the country. Silverton also increased penetration in existing markets. New and existing customers purchased 1,672 services from Silverton in 2007.

All of this was accomplished in a year in which a new 152,000 sq. ft. headquarters facility was constructed, a new national charter was adopted to facilitate service to independent financial institutions across the nation, and the bank name changed to differentiate Silverton Bank from its competitors.

"We are very proud of our achievements of the past year," said Tom Bryan, President and CEO of Silverton Bank. "All five of our core services reported increased earnings and significant growth in numbers of customers for 2007. Our business strategy is simple: provide our customers the best possible products and deliver them with exemplary service and a sense of urgency. If we can continue to do that, all of our customers will benefit from the economies of scale that we provide."

About Silverton Bank

Silverton Bank, formerly named The Bankers Bank, is a leading national correspondent bank chartered specifically to serve the needs of community financial institutions across the United States. Headquartered in Atlanta, Georgia, Silverton Bank has developed a comprehensive suite of products and services that include card services, payment solutions, lending, investments, consulting, and insurance programs. Over the past two decades, they have grown to over $2.3 billion in assets, more than 400 employees, and serve a customer base in excess of 1,500 financial institutions nationwide. Offices are located in Annapolis, Birmingham, Charlotte, Chicago, Cincinnati, Denver, Nashville, Orlando, San Diego, San Francisco, Seattle, Tampa and Winston-Salem. Visit www.silvertonbank.com or call 800.277.2265.

Contact Information

  • For more information contact:
    Kathleen Rethelford
    SVP, Marketing
    (770) 805-2178