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Independent Appeal Making McNairy County headlines for more than 111 years
731-610-3412 Volume 111, Number 15, Wednesday, August 28, 2013
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Community South shut down by TDFI
INSIDE THIS WEEK
All customer accounts safe, CB&S steps in without interruption By Christen Coulon Managing Editor
Last Friday, Community South Bank was closed by the Tennessee Department of Financial Institutions. The Federal Deposit Insurance Corporation then stepped in as receiver of the bank for a short period before CB&S Bank acquired all of the deposits and some of the assets of the troubled bank. The closure affected all three branches of Community South in McNairy County and left many local residents last weekend wondering if their money was safe. FDIC number crunchers descended on branches of the Parsons, Tenn. based bank Friday afternoon with Tennessee State Troopers assigned to stand guard as the regulatory agency prepared for the handover to CB&S Bank. It quickly became apparent, however, that this bank failure was not akin to the Great Depression bank failures that wiped out lifetimes of savings overnight. Thanks in part to FDIC guarantees and a lightning fast acquisition by CB&S all customer accounts were safe and other than a name change there was little interruption for customers. Even with the CB&S acquisition of assets, the failure of Community South Bank ended up costing the Federal Deposit Insurance Fund more than $72.5 million, said Greg Hernandez, spokesman for the FDIC.
MASTERMIND OF MODERN MYSTERY Animal Shelter Friends Fundraiser magic show PAGE 2A
Staff Photo by Christen Coulon
A State Highway patrol vehicle sits in the Community South parking lot last Friday afternoon shortly after the Tennessee Department of Financial Institutions closed all branches of the Parsons, Tenn. based bank. Despite the trouble, all accounts and deposits including, checking, savings, money markets, certificates of deposit and retirement accounts were safely assumed by CB&S in the transfer. All three local branches of the bank were up and running Monday morning as official branches of CB&S Bank said Dana Thomas, Marketing Director for CB&S Bank. As of now she said the bank plans to keep the local branches
open. “We put our banners up, covered their signs and they will be open and running normal business hours as CB&S Bank,” Thomas said. As far as the local employees of the bank are concerned Thomas said that the customers who are used to dealing with the friendly faces in those branches will still see those friendly faces. “We know that people bank
with people and we are glad that we are able to keep those people in those branches and allow them to wait on the same customers they have been waiting on,” Thomas said. Thomas said that as of Monday morning it was business as usual for customers. They will keep using their same checks and same debit cards and even direct
See BANK CLOSURE, 3A
Bethel trailer burned, burglarized last Wednesday By Jeff Whitten Head News Writer
CARDS SOAR OVER EAGLES
Adamsville comes away with big win in opener PAGE 1B
Staff Photo by Jeff Whitten
A mobile home occupied by Robert McIntyre on Tull Road in Bethel Springs burned Aug. 16 early in the morning, according to Inv. Jamie Lowrance, of the McNairy County Sheriff’s Department. Lowrance recovered property that was taken from inside the trailer resulting in the arrest of Anthony L. Saxton and Karen Leigh King. Saxton was charged with aggravated burglary and arson and King with aggravated burglary.
EXTRAORDINARY MCNAIRY
Two people were arrested last Wednesday in connection with a suspected arson and burglary of a mobile home on Tull Road in Bethel Springs. Anthony L. Saxton, 32, of Bethel Springs and Karen Leigh King, 28, of Selmer were arrested last Wednesday by McNairy County Sheriff’s Department Inv. Jamie Lowrance. According to an incident report provided by the department, Robert Blain McIntyre’s residence burned down Aug. 16 early in the morning. While cleaning the debris, McIntyre noticed that several items, such as a Dell laptop computer, two window air conditioners, a Black and Decker drill and a Dewalt drill were missing. On Aug. 19, Matthew Felt, a scrap dealer was at the residence cleaning up scrap. McIntyre told Felt that he thought that the house had been burglarized and then burned and described the missing items. Felt
See ARSON, 3A
New business sparks economic growth in Adamsville
Tiny chicken egg in Selmer nearly world record PAGE 2A
By Christen Coulon Managing Editor
CLARIFICATION The Selmer Police Department has clarified its report on last week's drug arrest of Christopher Conley Davis. According to Chief Neil Burks of the Selmer Police Department, none of the money seized during Davis’ arrest was found in his trunk as was previously reported.
More good news on the local jobs front came last Monday with the announcement that Adamsville will host a new industry which could generate up to 200 new jobs in coming years. Sparks Custom Fabrication, LLC will be moving into a 96,000 sq. ft. industrial building formerly occupied by Masco Bath. According to a press release from the McNairy Regional Alliance, SCF President
Nathaniel Sparks had been working with MRA Executive Director Ted Moore, as well as Adamsville Mayor David Leckner and Adamsville City Manager Steve Simon in hopes that he could relocate his company to Adamsville. Sparks had made it clear that he wanted his company to be in Adamsville and local leaders worked hard to insure the company, which specializes in stone, metal, millwork and refrigeration products used in the food industry, would soon be able to call McNairy County home. Sparks and local leaders quickly began
focusing on Masco building as an ideal fit for SCF and there was a combined effort by local and regional agencies to make it work. In addition to the City of Adamsville and the MRA, representatives with the TVA and the West Tennessee Industrial Association took part in the planning process. Adamsville leaders have specifically committed a $10,000 relocation grant to assist SCF in their move into the new facility. MRA & TVA are looking to help the company upgrade
See SPARKS, 3A
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