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Tennessee Department of Financial Institutions Takes Possession of Tennessee Commerce Bank, Franklin, Tennessee

Monday, January 30, 2012 | 09:51am

NASHVILLE – The Tennessee Department of Financial Institutions (“Department”) took possession of Tennessee Commerce Bank, Franklin, Tennessee at 4:00 p.m. CST on January 27, 2012. The Department has appointed the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Tennessee Commerce Bank. 

The Department took possession of Tennessee Commerce Bank due to Tennessee Commerce Bank’s impaired capital, unsound condition and the bank’s inability to continue normal operations.

Through an agreement with the FDIC, deposit accounts of Tennessee Commerce Bank have been transferred to Republic Bank & Trust Company, Louisville, Kentucky and will be available immediately. Depositors of Tennessee Commerce Bank will automatically become depositors of Republic Bank & Trust Company. Depositors will be able to access their accounts at the former main office of Tennessee Commerce Bank during regular business hours. Customers of both banks should continue to use the existing office until Republic Bank & Trust Company can fully integrate the deposit records of Tennessee Commerce Bank. Additionally, the former depositors of Tennessee Commerce Bank can continue to access their accounts through automated teller machine transactions, checks and debit transactions.

Since deposits transferred to Republic Bank & Trust Company, there will be no loss exposure to former customers of Tennessee Commerce Bank. The FDIC has established a website and a toll-free phone number to answer questions from depositors, creditors and other interested parties regarding the receivership of Tennessee Commerce Bank. Please refer to the FDIC’s website at http://www.fdic.gov/bank/individual/failed/tcb.html for further information regarding the details of the transaction. The toll-free number is 1-800-450-5668. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST, on Sunday from noon to 6:00 p.m., CST; on Monday from 8:00 a.m. to 8:00 p.m., CST; and thereafter from 9:00 a.m. to 5:00 p.m., CST.

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