Sunday, July 13, 2014

Regulators close small bank in Tennessee

August 23. 2013 6:44PM
Associated Press

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(AP) Regulators have closed a small bank in Tennessee, bringing the number of U.S. bank failures to 19 this year.

The Federal Deposit Insurance Corp. seized Community South Bank, based in Parsons, Tenn., with 15 branches and about $386.9 million in assets and $377.7 million in deposits as of June 30.

CB&S Bank, based in Russellville, Ala., agreed to assume all of the failed bank's deposits and to buy about $121.7 million of its loans and other assets.

The failure of Community South Bank is expected to cost the deposit insurance fund $72.5 million.

Associated Press

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