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.

No New Failures

As of 8:45 pm EDT there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

24th-Ranked Bank of Wausau Fails

This week the 24th-ranked Bank of Wausau in Wausau, Wisconsin was closed by state regulators. Nicolet National Bank (2514th) of Green Bay, Wisconsin agreed to assume all of the approximately $40.7 million in total deposits. In addition, they agreed to purchase approximately $29.9 million of the failed bank's $43.6 million in total assets. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.5 million.

No New Failures

As of 5:30 pm EDT there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

First Failure in Two Months

After a remarkable eight weeks without a bank failure, regulators were back in action today shutting down the eighteenth-ranked bank on our list First Community Bank of Southwest Florida. Based in Fort Myers, Florida, and also operating as Community Bank of Cape Coral, the bank was taken over by C1 Bank of Saint Petersburg. The approximately $265.7 million in total assets and $254.2 million of the former First Community Bank of Southwest Florida represents a substantial increase for C1 Bank, which ranks a relatively poor 819th on our list. It suggests that there were few interested suitors for the failed bank. In all, The FDIC estimates that cost to the Deposit Insurance Fund (DIF) will be $27.1 million. 

As of 9:15 pm EDT, there have been no failures. It will be updated should new information arrive.

No New Failures

As of 6:45 pm EDT, there have been no failures.  It will be updated should new information arrive.