CapitalSouth Bank taken over IBERIABANK - WBRC FOX6 News - Birmingham, AL

CapitalSouth Bank taken over IBERIABANK

BIRMINGHAM, AL (WBRC) - Birmingham's CapitalSouth Bank was taken over by federal and state banking officials Friday and transferred to IBERIABANK of Lafayette, La.

The Alabama State Banking Department, in a news release to FOX6 News late Friday, said it took possession of CapitalSouth at 5:00 p.m. Friday as allowed by state law when "a bank's capital is impaired or if any examination of the bank indicates that the bank is operating in an unsafe or unsound condition."

The bank was immediately turned over to the Federal Deposit Insurance Corporation, which in turn transferred control to IBERIABANK, headquarted in Lafayette, La. IBERIABANK is the second-largest bank holding company headquarted in Louisiana.

The FDIC created a toll-free number and a special page on its website to answer questions from depositors, creditors and others regarding the receivership of CapitalSouth Bank. The website is www.fdic.gov and the toll-free number is 1-877-894-4710.


 

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