The Federal Reserve Bank of St. Louis announced Tuesday it had entered into a written agreement with BankTennessee Bancshares Inc. and its subsidiary to improve its loan quality and tighten lending standards.
The March 25 agreement gave $274 million-asset BankTennessee in Collierville 60 days to improve its loan documentation and underwriting standards. It also called on the bank to develop a written plan to strengthen its management of commercial real estate assets.
The bank was directed by the Fed bank not to extend, renew, or restructure any credit to any borrower whose loan has been flagged by examiners.
