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VOL. 6 | NO. 24 | Saturday, June 08, 2013

First Tennessee Buys Mountain National Bank

By Andy Meek

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First Tennessee Bank has bought a failed bank from the Federal Deposit Insurance Corp.

First Tennessee acquired Mountain National Bank of Sevierville from the FDIC. That was after the Office of the Comptroller of the Currency closed Mountain National Bank Friday, June 7, and named the FDIC as receiver.

The OCC said it closed the bank "after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices."

Mountain National Bank's 12 branches will reopen this week under the First Tennessee banner. The Sevierville bank's systems will be integrated into First Tennessee's in the coming months.

Customers will be mailed letters early next week informing them about the purchase.

As of March 31, Mountain National Bank had about $437 million in assets and about $373 million in deposits. The FDIC estimates the cost to its deposit insurance fund from the bank closure will be $33.5 million

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 368 16,413
MORTGAGES 66 422 21,432
FORECLOSURE NOTICES 15 76 4,266
BUILDING PERMITS 176 877 39,378
BANKRUPTCIES 60 294 15,542
BUSINESS LICENSES 20 98 5,491
UTILITY CONNECTIONS 69 423 23,573
MARRIAGE LICENSES 17 95 5,035

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