Landmark Hotel’s Bank Fails

The FDIC has seized Georgia’s Silverton Bank, Matt Andrejszak writes for Marketwatch, which is notable here because they’re the bank financing the Landmark Hotel. How will this effect the hotel? Well, it’s not like it could get any worse than remaining as-is. Thanks to Bob for the tip.

By the way, if you’re curious about how the FDIC actually seizes a bank, I highly recommend listening to the recent This American Life episode about this very topic. It’s actually pretty bad-ass. At 6:00 PM on a Friday, dozens of covert agents converge on the unsuspecting bank simultaneously, lock it down, and spend the weekend doing a full accounting of its assets, merging those assets with those of another bank in the area, and opening it again for business under its new name on Monday. They try to do that on a three-day weekend (this Monday, for instance, is a bank holiday), but it’s still a pretty amazing accomplishment.

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