Community South Bank in Parsons was shut down by Tennessee regulators Friday.
CB&S Bank in Russellville, Ala., agreed to buy about $122 million of the failed bank's $387 million in assets from the Federal Deposit Insurance Corp., which acted as receiver. The $1.2 billion-asset CB&S also agreed to assume Community South's $378 million in deposits.
The FDIC said it would retain the rest of the assets for disposition later. The failure is expected to cost the Deposit Insurance Fund $72.5 million.
Nineteen banks have failed this year.
