A former chief operating officer of Tennessee Commerce Bank has pleaded guilty to causing the Franklin bank to make a false statement to the Federal Deposit Insurance Corp.
Lamar Cox misled regulators on Tennessee Commerce’s loan losses and income in 2009 when the bank was participating in the Troubled Asset Relief Program, Christy Romero, Special Inspector General for the Tarp, said in a press release.
Tennessee Commerce, which had received $30 million from Tarp, was closed by regulators in January 2012. Republic Bancorp in Louisville, Ky., bought all of Tennessee Commerce’s deposits and a portion of its $1.2 billion in assets.
Cox, who is scheduled to be sentenced on Aug. 14, faces up to 30 years in prison and a criminal fine of up to $1 million.