GREENVILLE, S.C., Jan. 21, 2011 /PRNewswire/ -- CertusBank, N.A., a wholly-owned subsidiary of Blue Ridge Holdings, Inc., today announced that it has assumed all of the deposits and substantially all of the assets of CommunitySouth Bank and Trust, located in Easley, South Carolina, through a Purchase and Assumption Agreement with loss share arrangements with the Federal Deposit Insurance Corporation (FDIC). The loss share transaction is projected to maximize returns on the assets covered by keeping them in the private sector and minimize disruptions for loan customers.
At the close of business on Friday, January 21, 2011 CommunitySouth Bank and Trust was closed by the State of South Carolina Board of Financial Institutions, and the FDIC was appointed Receiver. Simultaneously CertusBank, N.A. assumed all of the deposits and purchased substantially all of the assets of CommunitySouth Bank and Trust. To protect depositors, deposit customers will automatically become depositors of CertusBank, N.A. The six branches and other operations will be open during normal business hours, and customers will have full access to their deposits, which continue to be insured up to $250,000 by the FDIC. All deposits in non-interest bearing transaction accounts are insured in full by the FDIC through December 31, 2012. This is in addition to and separate from the $250,000 coverage available under the FDIC's general deposit insurance rules. Customers and other interested stakeholders can learn more about the terms of the transaction by contacting the FDIC toll free at 1-877-ASK-FDIC or at www.fdic.gov.
CertusBank™ representatives will be at all bank branches to assist customers with any questions. For convenience, customers may also go to www.certusbank.com for answers to many common questions, or call a representative at 1-800-596-7100. In addition, CommunitySouth deposit customers will receive a letter providing additional details concerning their accounts within seven days.
K. Angela Webb, Senior Executive Vice President and Chief Administrative Officer, commented, "We are pleased to welcome CommunitySouth's customers to CertusBank™. We want to assure all former CommunitySouth customers that their deposits are safe and accessible. It is our intention to hire 99% of all employees so they will be greeted by the same familiar faces. Existing checks, debit cards, ATM cards and online banking will continue to work, allowing customers to access their money without disruption. Checks drawn on the bank will continue to be processed and loan customers should continue to make their payments as usual."
CertusBank™ is building a strong, sustainable, best-in-class banking franchise focused on exceptional customer service. The company has the management know-how and long-term capital support to be a leader in providing financial products and services. Additionally CertusBank™ seeks to drive economic growth and stability in the markets served by the company. Learn more about CertusBank™ by going to www.certusbank.com.
"We're truly excited to have a presence in Upstate South Carolina. It has one of the strongest economies in the southeast and we believe that it has a great deal of future potential. The people and quality of life are second to none. We look forward to being an integral part of the community," says Walter L. Davis, Vice Chairman and Chief Credit Officer. Davis is a native of Greenville.
SOURCE CertusBank, N.A.