Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: Weekend Economists Sit on a Wall August 23-25, 2013 [View all]Demeter
(85,373 posts)11. WE HAVE A BANK DOWN IN TENNESEE!
Community South Bank, Parsons, Tennessee, was closed today by the Tennessee Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CB&S Bank, Inc. Russellville, Alabama, to assume all of the deposits of Community South Bank.
The 15 branches of Community South Bank will reopen as branches of CB&S Bank, Inc. during their normal business hours...As of June 30, 2013, Community South Bank had approximately $386.9 million in total assets and $377.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, CB&S Bank, Inc. agreed to purchase approximately $121.7 million of the failed banks 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 $72.5 million. Compared to other alternatives, CB&S Bank, Inc.s acquisition was the least costly resolution for the FDIC's DIF. Community South Bank is the 19th FDIC-insured institution to fail in the nation this year, and the second in Tennessee. The last FDIC-insured institution closed in the state was Mountain National Bank, Sevierville, on June 7, 2013.
The 15 branches of Community South Bank will reopen as branches of CB&S Bank, Inc. during their normal business hours...As of June 30, 2013, Community South Bank had approximately $386.9 million in total assets and $377.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, CB&S Bank, Inc. agreed to purchase approximately $121.7 million of the failed banks 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 $72.5 million. Compared to other alternatives, CB&S Bank, Inc.s acquisition was the least costly resolution for the FDIC's DIF. Community South Bank is the 19th FDIC-insured institution to fail in the nation this year, and the second in Tennessee. The last FDIC-insured institution closed in the state was Mountain National Bank, Sevierville, on June 7, 2013.
Edit history
Please sign in to view edit histories.
70 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
Cyprus Bank’s Bailout Hands Ownership to Russian Plutocrats THAT WORKED WELL, DIDN'T IT?
Demeter
Aug 2013
#2
Feds building detective squad to target consumers and companies that don't follow Obamacare's rules
Demeter
Aug 2013
#4
Detroit Institute of Art Collection--Available to Creditors? by Adam Levitin SUCKING EGGS
Demeter
Aug 2013
#13
Argentina Just Lost Huge To A Bunch Of Hedge Fund Creditors, And The Judge Was Brutal About It
xchrom
Aug 2013
#23
Room For Hope? Fourth Largest Industry In France: It’s “Never Been This Catastrophic”
Demeter
Aug 2013
#26
Official White House Response to We request that Obama be impeached for the following reasons.
Demeter
Aug 2013
#29
The Trans-Pacific Partnership is not about free trade. It's a corporate coup d'etat--against us!
Demeter
Aug 2013
#34
Peter Van Buren: Bradley Manning, Surveillance State Creep, Emergence of Post-Constitutional America
Demeter
Aug 2013
#37