SmartFinancial, a subsidiary of SmartBank, has acquired all the assets and liabilities of Destin, FL-based GulfSouth Private Bank from the Federal Deposit Insurance Corporation, after GulfSouth last week became the sixth failed bank in Florida so far this year.

At the end of June GulfSouth had some $159.1 million in assets and $151.1 million in deposits, with offices in Destin, Fort Walton Beach, Pensacola and Santa Rosa Beach. Going forward GulfSouth offices will become branches of SmartBank and clients can continue to conduct their banking as before, SmartBank said in a statement.

"We welcome GulfSouth Private Bank clients to the SmartBank family," said Billy Carroll, president and chief executive of SmartBank. "Most importantly, all depositors will have normal access to their funds and will be fully protected under the FDIC’s insurance coverage up to the maximum allowed by law and by SmartBank assuming any balance beyond that limit."

SmartBank is a full-service bank with assets of approximately $340 million serving clients in Sevierville, Pigeon Forge, Gatlinburg and Knoxville, TN, and four locations in Florida including Destin, Pensacola, Fort Walton Beach and Santa Rosa Beach.