» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 6 | NO. 24 | Saturday, June 08, 2013

First Tennessee Buys Mountain National Bank

By Andy Meek

Print | Front Page | Email this story | Email reporter | Comments ()

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

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 83 415 10,637
MORTGAGES 87 499 13,826
FORECLOSURE NOTICES 19 99 2,743
BUILDING PERMITS 0 915 25,222
BANKRUPTCIES 79 343 10,235
BUSINESS LICENSES 19 97 3,833
UTILITY CONNECTIONS 143 573 15,130
MARRIAGE LICENSES 23 106 3,273

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.