Home / News / Government / Regulators Close Banks in Tennessee, Arizona
Print This Post Print This Post

Regulators Close Banks in Tennessee, Arizona

The ""FDIC's"":http://fdic.gov/ list of federally insured bank failures grew to 20 so far this year as two more banks collapsed.

[IMAGE]

On Friday, FDIC announced the closures of Community South Bank (Parsons, Tennessee) and Sunrise Bank of Arizona (Phoenix).

[COLUMN_BREAK]

In Tennessee, CB&S Bank, Inc. of Russellville, Alabama, has agreed to assume all of Community South's deposits and $121.7 million of its assets. As of June 30, the failed bank held approximately $377.7 in total deposits and $386.9 million in assets, the remainder of which will be held by FDIC for later disposition.

Community South's closure and dissolution will cost FDIC's Deposit Insurance Fund (DIF) $72.5 million, the agency reported. The bank is the 19th in the nation to close so far in 2013 and the second in Tennessee.

At the same time, the Arizona Department of Financial Institutions shut down Sunrise Bank and appointed FDIC as receiver.

First Fidelity Bank, National Association (Oklahoma City, Oklahoma) has agreed to assume all of Sunrise Bank's $196.9 million in total deposits and will purchase essentially all of its $202.2 million in total assets.

The Arizona bank's collapse will impact the DIF to the tune of $17.0 million, FDIC said. In addition to being the 20th bank to fall, it was the third Arizonan bank failure so far this year.

x

Check Also

The Week Ahead: Government Hearings on COVID-19 Response

Next week, both the House and the Senate will be turning their attention to industry and government response to the ongoing COVID-19 pandemic. Here's what else is happening in The Week Ahead.

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.