host posted on August 25, 2009 08:02
The North Jefferson News
Here’s a look at what we’re working on for the Wednesday, Aug. 26, 2009, edition of The North Jefferson News. For complete stories, please see Wednesday’s paper or visit our site throughout the day on Wednesday.
CapitalSouth bank seized by FDIC, sold to IberiaBank
For the second time in two weeks, an Alabama-based bank was bought by another bank after failing.
Shortly after 4 p.m. on Friday, the FDIC seized Birmingham-based CapitalSouth and sold its assets to Louisiana-based IberiaBank.
Montgomery-based Colonial Bank was seized on Aug. 14 and purchased by BB&T of Winston-Salem, N.C.
CapitalSouth Bank is the 80th FDIC-insured institution to fail in the nation this year, according to an FDIC press release.
CapitalSouth operated one branch in Fultondale, which was the city’s only bank.
Fultondale Mayor Jim Lowery said he was optimistic about the bank’s future in Fultondale after the sale to IberiaBank.
“We feel like this is a good outcome and that they’ll remain solid,” he said. “We’re pleased that it’s open and operating and people can still bank with the same people they’re familiar with.”
IberiaBank of Fultondale management deferred questions about the takeover to corporate spokesperson Beth Ardoin, who did not return calls prior to press time.
According to a press release from the FDIC, the 10 CapitalSouth branches were to open as IberiaBank on Monday morning with no noticeable interruptions to customers.
Thousands turn out for Founder’s Day Festival
Mother Nature smiled on Fultondale Saturday as thousands attended the 12th-annual Founder’s Day Festival at Black Creek Park.
Organizers said pleasant weather and a bigger variety of entertainment were contributing factors to the large crowds at the six-hour festival. Last year’s festival was rained out and then rescheduled.
Early estimates indicate between 9,000 to 12,000 people attended.
“We couldn’t have asked for better weather,” said organizer Teresa Vise of the Fultondale Chamber of Commerce. “I don’t know that we’d ever be able to duplicate that kind of weather in August.”
Vise said it’s too early to know how much money the festival raised through booth rentals. Any profit accrued from the festival will be donated to local charities.
Legion Auxiliary donates baked items to hospice
The American Legion Post No. 255 Auxiliary stepped up last week to help those in need.
Members of the auxiliary baked 13 items, including cakes, candy and brownies, and donated them and $45 to LifeCare Hospice.
LifeCare in turn sold the baked goods at Saturday’s Founders Day in Fultondale in order to help pay expenses for indigent patients.
“This is something we were pleased to do,” said Gladys Robertson, president of the Post No. 255 Auxiliary.