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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 98 400 5,162
MORTGAGES 129 530 7,170
FORECLOSURE NOTICES 24 117 1,592
BUILDING PERMITS 0 774 12,068
BANKRUPTCIES 65 309 4,834
BUSINESS LICENSES 27 142 2,125
UTILITY CONNECTIONS 65 373 6,624
MARRIAGE LICENSES 21 117 1,490

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