Two top executives have left a struggling correspondent bank in Atlanta.
Silverton Financial Services Inc. said that Tom Bryan, the president and chief executive officer of the company and its bank unit, and Earl Howell, the chief operating officer of the two entities, resigned to pursue other opportunities.
Christopher Maddox was appointed interim president and CEO of the $3.1 billion-asset company and its Silverton Bank. Maddox was the chairman, president and CEO of Peoples Bank in Winder, Ga. He had been Silverton Financial's chairman two years ago.
The company said it also hired the consulting firm New Millennium Banking Solutions LLC to help it comply with a Feb. 26 consent order from the Office of the Comptroller of the Currency.The order requires Silverton Bank to increase its capital ratios and devise a plan to better manage risk, among other things.
At the end of 2008 the bank's Tier 1 risk-based capital ratio was 8.57%. Though regulators typically consider a bank with a Tier 1 risk-based capital ratio of 6% to be well capitalized, the order gave the bank 150 days to boost its ratio to 11%.