Number Two Fails

Today second-ranked Community South Bank of Parsons, Tennessee, was closed by state regulators. CB&S Bank, Inc. (3697th) of Russellville, Alabama has agreed to assume all of the approximately $377.7 million in total deposits of the former Community South Bank. In addition, CB&S Bank, Inc. has agreed to purchase approximately $121.7 million of the failed bank’s assets. Community South Bank had approximately $386.9 million in total assets as of June 20, 2013. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $72.5 million

Sunrise Bank of Arizona, of  Phoenix, Arizona, was also. Part of the Capital Bancorp Ltd. family of banks, Sunrise was re-organized as recently as last winter from the consolidation of six separate banks. But that was not enough to save the struggling firm. First Fidelity Bank, National Association (4063rd) of Oklahoma City, Oklahoma has to purchase nearly all of the approximately $202.2 million in total assets and assumed responsibility for $196.9 million in total deposits. The FDIC estimates that the cost to the DIF will be $17.0 million.