New South Federal Savings Bank
New South Federal Savings Bank (formerly Collateral Investment Company) was a thrift headquartered in Birmingham. It had $1.2 billion in assets and $745 million in deposits when it was closed by regulators in December 2009. The bank operated 28 loan production offices in the Southeastern United States. The company's headquarters were located in the former Jackson Building at 215 Richard Arrington, Jr Boulevard in Birmingham, and it operated one full-service retail banking office at 210 Automation Way just off Crestwood Boulevard in Irondale. Based on asset size New South was Alabama's largest thrift and the seventh largest depository institution.
The company was founded by W. T. Ratliff in 1933 as the Collateral Investment Company. New South Bank was incorporated as a subsidiary chartered by the Federal Home Loan Bank in 1985. In 2004 the company acquired Umbrellabank.com, an Internet bank.
New South's president and CEO was Will Ratliff who resumed duties after the departure of David Larson, a growth specialist who was brought in in 2006. On December 18, 2009 New South was seized by regulators and transfered by the Federal Deposit Insurance Corporation to Plano, Texas-based Beal Bank, which immediately began to operate the Irondale retail branch.
References
- Jarvis, Crystal (March 27, 2009) "New South Federal trying to dig out from troubled year." Birmingham Business Journal
- Jarvis, Crystal (June 23, 2009) "New South Federal CEO leaves." Birmingham Business Journal
- Jarvis, Crystal (December 18, 2009) "New South seized by regulators." Birmingham Business Journal
External Links
- New South Federal Savings Bank website