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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 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
MARRIAGE LICENSES 17 103 3,031

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