First Bank of the South

First Bank of the South was established on February 1, 1983, under the name First National Bank of Rainsville. Over the years, the institution underwent several significant changes, including a transition on June 1, 1988, when it changed its name to First Rainsville Bank and became regulated by the Federal Deposit Insurance Corporation (FDIC), withdrawing from membership in the Federal Reserve System. In 1995, the bank rebranded itself as First Bank of the South. The main office relocated to 246 Main Street in Rainsville, Alabama, on March 31, 2006. Ultimately, on July 1, 2016, First Bank of the South merged with and became part of First State Bank of DeKalb County in Fort Payne, Alabama.

Below is a list of some important events in banks history, including mergers and acquisitions.

1983-02-01Institution established. Original name: First National Bank of Rainsville.

1988-06-01Institution withdraws from membership in the Federal Reserve System.

1988-06-01Changed Chartering Agency to State.

1988-06-01Changed Primary Federal Regulatory Agency to FDIC.

1988-06-01Changed Institution Name to First Rainsville Bank.

1995-02-14Changed Institution Name to First Bank of the South.

2006-03-31Main Office moved to 246 Main Street, Rainsville, AL 35986.

2016-07-01Merged and became part of First State Bank of DeKalb County in Fort Payne, AL.