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Arkansas Bank Department closes First Southern Bank | News

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Arkansas Bank Department closes First Southern Bank
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According to our partners at Arkansas Business, First Southern Bank of Batesville was closed today by the Arkansas State Bank Department before its assets were acquired by Southern Bank of Poplar Bluff, Mo.

As of Sept. 30, 2010, First Southern Bank had about $191.8 million in total assets and $155.8 million in total deposits.

Southern Bank paid the FDIC a premium of 0.25 percent to assume all of the deposits of First Southern Bank. In addition to assuming all of the deposits of the failed bank, Southern Bank agreed to purchase approximately $152.8 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

Friday's announcement was the latest in a series of dramatic events at the bank.

 

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