Square Mile Capital Management LLC

FDIC Sale of SFG Assets

On May 4, the FDIC announced that it signed a bid confirmation letter with Square Mile Capital Management LLC by which Square Mile will buy a 40% equity interest in an LLC which was created to hold approximately $421 million (unpaid principal amount) of performing hospitality loans and loan participation assets of SFG, a subsidiary of Silverton Bank, Atlanta Georgia, which failed on May 1, 2009.  The FDIC will hold the remaining 60% equity interest.  The sale is expected to close mid-May.  FDIC Release.