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

Tuesday, January 31, 2012 | 02:29am

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.

Press Releases | Financial Institutions