CB&S Bank acquires Tennessee banksPublished 9:21am Tuesday, August 27, 2013
On Aug. 23, Community South Bank was closed by the Tennessee Department of Financial Institutions.
The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, CB&S Bank, headquartered in Russellville, Ala., acquired all of the deposits and some of the assets of Community South Bank from the FDIC as Receiver for Community South Bank.
The former Community South Bank, now CB&S Bank, will continue to operate under its normally scheduled business hours, avoiding interruption of service for its customers. Representatives from CB&S Bank will be available at former Community South Bank branches to answer any questions from current and prospective customers. Former Community South Bank customers will be able to conduct business as usual, as their money will be available through checks, ATMs, and debit cards. Loan customers may continue to make their payments to former Community South Bank offices.
“We are pleased to be able to partner with the residents and businesses to become part of these communities,” said Dennis Upchurch, President and Chief Executive Officer of CB&S Bank.
“CB&S Bank is a strong community bank and we want our new customers to be confident their deposits are with a stable bank. We have been providing strength and stability to our customers for over 100 years and we look forward to serving the banking needs of these communities going forward. We are pleased to welcome former Community South Bank customers as our new customers.”
“CB&S Bank has had this type of experience before and we are excited to offer our style of community banking to our new customers of Community South Bank,” said Cecil Batchelor, Chairman of the Board of CB&S Bank stated.
“Every day we strive to live up to our slogan of ‘Banking the way it should be.’ We appreciate the opportunity to show you what this really means.”
CB&S Bank is not new to the banking industry. CB&S Bank was established in 1906 and is headquartered in Russellville. With the acquisition of Community South Bank, CB&S Bank now has $1.59 billion in assets and operates 58 offices in Alabama, Mississippi, and Tennessee. The company offers a complete line of full-service banking products and other related financial services to retail and commercial customers through its subsidiaries. Visit www.cbsbank.com or call 877-332-1710 to learn more.