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VOL. 6 | NO. 24 | Saturday, June 8, 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

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 158 16,219
MORTGAGES 0 179 18,735
FORECLOSURE NOTICES 0 36 2,497
BUILDING PERMITS 0 349 33,738
BANKRUPTCIES 0 115 10,429
BUSINESS LICENSES 0 47 5,350
UTILITY CONNECTIONS 0 53 6,326
MARRIAGE LICENSES 0 52 3,563