Sat
Jan 28 2012
06:17:am
Bank failures in Tennessee in 2012
By: bizgrrl  shortURL

Yesterday, January 27, 2012, two Tennessee banks failed, BankEast in Knoxville and Tennessee Commerce Bank in Franklin. These are the first FDIC bank failures in Tennssee since 2002.

U.S. Bank, Cincinnati, OH, is taking over all deposits of BankEast. The ten branches of BankEast will open Monday as branches of U.S. Bank. Customers of BankEast can continue as usual with writing checks, accessing the ATM, and making loan payments.

Republic Bank & Trust Co., Louisville, KY, is taking over all deposits of Tennessee Commerce Bank (except for the Cede & Co. deposits). The single location of Tennessee Commerce Bank will open Monday as a branch of Republic Bank. Customers of Tennessee Commerce can continue as usual with writing checks, accessing the ATM, and making loan payments.

Seven banks have failed so far in 2012. Ninety-two banks failed in 2011 and 157 banks failed in 2010.

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R. Neal's picture

Previously...

Submitted by R. Neal on Sat, 2012/01/28 - 8:02am.

BankEast enforcement action

mjw's picture

Green Bank

Submitted by mjw on Sat, 2012/01/28 - 10:33am.

Not related, except by timing: Green Bank appears to have been bought out by something called Capital Bank. I was noticing new signage on the Green Bank across from Big Fatty's at lunch on Wednesday. I'm not a customer, so I don't know any details.

bizgrrl's picture

I saw the Capital Bank

Submitted by bizgrrl on Sat, 2012/01/28 - 11:21am.

I saw the Capital Bank temporary signs on a couple of locations here in Blount County. I could not remember the original bank. Green Bank has been having problems for a while (losses of more than $240 million since 2007). North American Financial Holdings (NAFH) out of Charlotte, NC, owns Capital Bank. They have been "snapping up troubled banks across the Southeast."

Tamara Shepherd's picture

*

Submitted by Tamara Shepherd on Sat, 2012/01/28 - 3:57pm.

Biz, it used to be that Robert Morris Associates, which I believe operates as Risk Management Association now, made available to the public its financial statement analyses and recap of key ratios for hundreds of industries and individual businesses, including banks.

I've been on the web this morn, trying to dig up same on BankEast, to no avail.

My own banking experience was so long ago, it predated the internet. I recall using RMA books to look this stuff up? Can we look it up online nowadays (I thought)???

Edit: Scratch RMA as a potential source of this info. I just this minute read in their site's FAQs that the identity of entities comprising a given industry average they've compiled is confidential. Maybe the source I'm recalling is the FDIC itself?

bizgrrl's picture

I don't know a good source. I

Submitted by bizgrrl on Sat, 2012/01/28 - 4:00pm.

I don't know a good source. I get most of my information from the FDIC, which may not be as in-depth as you want.

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