Regulators close small banks in Tennessee, Arizona

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Associated Press

Posted on August 24, 2013 at 8:00 AM

Updated Saturday, Aug 24 at 10:02 AM

WASHINGTON (AP) — Regulators have closed small banks in Tennessee and Arizona, bringing the number of U.S. bank failures to 20 this year.

The Federal Deposit Insurance Corp. says it seized Community South Bank, based in Parsons, Tenn., with 15 branches and about $386.9 million in assets and $377.7 million in deposits as of June 30. It also shuttered Phoenix-based Sunrise Bank of Arizona, with six branches, $202.2 million in assets and $196.9 million in deposits.

CB&S Bank, based in Russellville, Ala., agreed to assume all of Community South Bank's deposits and to buy about $121.7 million of its loans and other assets.

First Fidelity Bank, based in Oklahoma City, agreed to assume all of Sunrise Bank's deposits and to buy all its assets.

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