WASHINGTON — Square Mile Capital Management LLC has won the bidding to buy a portion of the assets the Federal Deposit Insurance Corp. acquired when it seized Atlanta's Silverton Bank a year ago.
The FDIC on Tuesday said Square Mile is set to purchase a 40% stake in a limited liability company the agency created to hold the failed bank's assets after its seizure. The FDIC plans to retain the remaining assets.
Square Mile will be purchasing a pool of performing loan assets with an unpaid principal balance totaling $421 million, the FDIC said.
The FDIC expects the deal to close in the middle of this month.