BIRMINGHAM – Jeremy Sherer, Democratic candidate for Alabama State Treasurer, viewed the most recent closing of an Alabama based financial institution with frustration, but also with a determined sense to create a more stable, prosperous local banking industry.
 
“The closing of CapitalSouth Bank marks the failing of a second Alabama financial institution in as many weeks”, remarked Sherer. “Its extremely discomforting to view where the health of our local financial institutions stand today, in comparison to the vitality and strength Alabama’s financial industry had less than ten years ago.”
 
“CapitalSouth was heavily leveraged in the troubled real estate market of Florida – just as was recently failed Colonial Bank. I firmly believe that the most prosperous and secure investment Alabama and its businesses can make is within itself. Alabama’s financial industry must maintain a focus on supporting the growth of Alabama communities, businesses and families, not gambling state deposits on out of state, risky financial schemes.”
 
“As Treasurer, I will seek to invest the deposits of the state with institutions that are good corporate citizens of the communities in which they reside, by supporting business development and local socio-economic stability. I will also educate Alabamians of all ages about the complicated array of financial tools within the economy so that they might best guard themselves from falling pretty to a misunderstood or predatory financial scheme.”
 
“Also, I am thankful for the decision of the Louisiana bank, IberiaBank to purchase CapitalSouth. I hope with all of IberiaBank’s ability, they seek to continue the employment of CapitalSouth’s workers and continue its investments within Alabama”, concluded Sherer.
 
Please contact Jeremy Faulkner at (205) 446-1342 with any questions.
 

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