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.
