CommunitySouth Bank and Trust was closed Friday evening by the South Carolina State Board of Financial Institutions. The Easley bank’s assets were then taken over by the FDIC and a new bank in order to protect depositors.
The six locations are now open again this week as branches of CertusBank– another Easley bank that is itself a subsidiary of Charlotte-based Blue Ridge Holdings, Inc. The FDIC said CommunitySouth customers can continue to use their normal branch, and that no interruption in service will occur.
CertusBank agreed to take on the failed bank’s deposits and assets as part of a loss-share agreement with the FDIC, which insures deposits in all of the nation’s banks. The FDIC estimates the takeover will cost the agency about $46.3 million.
CommunitySouth is one of several small banks to fail in South Carolina in the past few years. The last was Williamsburg First National Bank in July.
The FDIC recommends customers use only their local branch until they receive notice that CertusBank is finished with the transfer.
No advance notice is given to the public whenever a bank is closed, so customers did not find out about the deal until after Friday business hours.