Tennessee Department of Financial Institutions Takes Possession of Community South Bank, Parsons, Tennessee
Nashville – The Tennessee Department of Financial Institutions (“Department”) took possession of Community South Bank, Parsons, Tennessee at 5:00 p.m. CDT on August 23, 2013. The Department has appointed the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Community South Bank.
The Department took possession of Community South Bank due to Community South Bank’s impaired capital, unsound condition and the bank’s inability to continue normal operations.
Through an agreement with the FDIC, deposit accounts of Community South Bank have been transferred to CB&S Bank, Inc., Russellville, Alabama, and will be available immediately. Depositors of Community South Bank will automatically become depositors of CB&S Bank. Depositors will be able to access their accounts at the former main office and branch locations of Community South Bank during regular business hours. Customers of Community South Bank should continue to use their existing branches until CB&S Bank can fully integrate the deposit records of Community South Bank. Additionally, the former depositors of Community South Bank can continue to access their accounts through automated teller machine transactions, checks and debit transactions.
The FDIC has established a website and a toll‐free phone number to answer questions from depositors, creditors and other interested parties regarding the receivership of Community South Bank. Please refer to the FDIC’s website at:
http://www.fdic.gov/bank/individual/failed/communitysouth.html for further information regarding the details of the transaction. The toll‐free number is 1‐800‐883‐4390. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT, on Sunday from noon to 6:00 p.m., CDT; on Monday from 8:00 a.m. to 8:00 p.m., CDT; and thereafter from 9:00 a.m. to 5:00 p.m., CDT.
CONTACT: Ryan Hughes
OFFICE: (615) 741‐1805
CELL: (615) 973‐9057