Community South Bank, which has branches in Hardin and McNairy counties, was closed Friday 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. of Russellville, Ala., to assume all of the deposits of Community South Bank.
According to the FDIC, the 15 branches of Community South Bank, based in Parsons, Tenn., will reopen as branches of CB&S Bank Inc. during their normal business hours. Depositors of Community South Bank will automatically become depositors of CB&S Bank.
Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Community South Bank should continue to use their existing branch until they receive notice from CB&S Bank that it has completed systems changes to allow other CB&S Bank branches to process their accounts as well.
Both of the local football squads played on their home field Friday night and opened the 2013 regular season with a victory.Adamsville Cardinals 46 Chester County Eagles 35After dropping their regular season opener the past two seasons to the Eagles, the Cardinals overcame a 14-0 deficit early in the second quarter to come back and take a commanding 46-21 fourth quarter lead before two late Chester County touchdowns closed the gap to 46-35 at the end. Hardin County Tigers 54 Memphis Northside Cougars 0Playing in front of a big crowd, the Big Maroon Tigers roared out to a 27-0 lead after one quarter and went on to a 54-0 win over the struggling Cougars.
McNairy County Schools Superintendent Charlie Miskelly announced his resignation, effective Dec. 31 of this year, at the local board of education’s recent monthly meeting.
Miskelly’s announcement came as a shock to board members, said board Chairman Frank Lacey.
"We were not expecting this at all," Lacey said. "He said he was tired and the time was right. We appreciate everything he has done, espeically getting this school year started (before resigning)."
Miskelly’s 14-year tenure has not been without its share of turmoil. In October of 2010 he was abruptly fired without warning or discussion from school board members. He was rehired shortly thereafter and his contract was extended only months after his termination.
Lacey says the process of finding a new superintendent is underway and he has already contacted the Tennessee Education Association to come up with a list of qualified candidates.
"We are working to establish the criteria of what we are looking for in a superintendent," Lacey said. "Once we have that we will start to put together a list of options and begin the interview process."
Both internal and external candidates will be considered, he said.
Despite differences in the past, Lacey hopes members of his board will work together to provide what is best for their school system.
"I don’t think we will have a problem having someone in place by the time the new year is here," he said.
Attempts to contact Miskelly were unsuccessful.