Failed Bank Information
Information for Community South Bank, Parsons, TN
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (16.6 mb PDF File - PDF Help)
- Bid Summary
- Balance Sheet Summary
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.
On Friday, August 23, 2013, Community South Bank, Parsons, TN was closed by the Tennessee Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.
II. Press Release
The FDIC has issued a press release (PR-072-2013) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at 1-202-898-6984.
III. Acquiring Financial Institution
All deposit accounts, including brokered deposits, have been transferred to CB&S Bank, Inc., Russellville, AL ("assuming institution") and will be available immediately. The former Community South Bank locations will reopen as branches of CB&S Bank, Inc. during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at CB&S Bank, Inc. for six months after the failure of Community South Bank. Checks that were drawn on Community South Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling (888) 206-4662.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with CB&S Bank, Inc. as long as the deposits are not pledged as collateral for loans. You may view more information about CB&S Bank, Inc. by visiting their web site.
CB&S Bank, Inc. (www.cbsbank.com)
V. Banking Services
The Automated Teller Machines (ATM) and online service will remain available.
The bank will maintain its regular business hours, and you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s) as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office. An account representative will clear up any confusion about the validity of your checks.
All interest accrued through Friday, August 23, 2013 will be paid at your same rate. CB&S Bank, Inc. will be reviewing rates. You will be notified of any changes.
Your direct deposits and automatic withdrawals will be transferred to your new bank. If you have any questions or special requests, you may contact a representative of your new bank at your branch office.
VI. Loan Customers
If you had a loan with Community South Bank, you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.
For all questions regarding new loans and the lending policies of CB&S Bank, Inc., please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.
VII. Possible Claims Against the Failed Institution
TO THE CREDITORS OF THE FAILED INSTITUTION
All creditors having claims against the Failed Institution must submit their claims in writing, together with proof of the claims, to the Receiver at the following address:
FDIC as Receiver for Community South Bank
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before 11/27/2013. Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).
If you or your company provided a service or product, leased space, furniture, or equipment to Community South Bank prior to August 23, 2013 and have not been paid, you may have a claim against Community South Bank.
NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.
TO TENNESSEE CENTRAL BANCSHARES, INC. INVESTORS
All shares of Community South Bank were owned by its holding company, Tennessee Central Bancshares, Inc., Parsons, TN. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Tennessee Central Bancshares, Inc., please do not contact or file a claim with the Receiver. You must contact Tennessee Central Bancshares, Inc. directly for information as follows:
Tennessee Central Bancshares, Inc.
68 W. Main Street
Parsons, TN 38363
VIII. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
IX. Dividend Information
X. Brokered Deposits
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.