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Regulators have announced the winning bidder for assets of failed Tennessee Commerce Bank.
October 19 -
In the matter of an evening, Tennessee jumped from having no bank failures so far this crisis, to being tied with Florida so far this year.
January 27 -
Tennessee has managed to escape the downturn relatively unscathed, and hasn't had a bank fail since 2002. But a new crop of undercapitalized banks and other strugglers have put 10% of the state's banks at some risk of failure.
January 26
A failed Tennessee bank is facing a potential class-action lawsuit.
Investors are suing the former Tennessee Commerce Bank, which
The suit, which seeks class-action status, contends that the $1.2 billion-asset Tennessee Commerce misled investors who purchased stock in the bank over a roughly three-and-a-half year period beginning in April 2008 about its financial condition.
Tennessee Commerce failed to disclose “serious internal control deficiencies causing it to be unable to monitor its loan portfolio,” the Rosen Law Firm, which filed the suit, said in a news release.
Based in Franklin, Tennessee Commerce had built a niche in equipment financing. Regulators seized it after it was unable to raise additional equity to replace its depleted capital. Since then the Federal Deposit Insurance Corp. has held a series of
