WSMV Channel 4 State takes control of Tennessee Commerce Bank

State takes control of Tennessee Commerce Bank

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Posted by Chuck Morris - email
FRANKLIN, TN (WSMV) -

The Tennessee Department of Financial Institutions took possession of Tennessee Commerce Bank in Franklin on Friday.

The Federal Deposit Insurance Corporation was appointed as receiver of the bank and has transferred the deposit accounts to Republic Bank & Trust Company, headquartered in Louisville, KY.

The TDIF took possession of the bank due to the company's impaired capital, unsound condition and the bank's inability to continue normal operations, according to a news release.

The bank will open Monday as 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.

"We are delighted to expand our service into the Nashville market and we look forward to growing in the community," said Steve Trager, CEO of Republic Bancorp, Inc. "Most importantly, with the support of the banking industry and the FDIC, all customer deposits will be protected and all depositors will have prudent access to their funds."

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 for further information regarding the details of the transaction. The toll-free number is 1-800-450-5668, and it will be operational this evening until 9 p.m., Central Standard Time (CST), Saturday from 9 a.m. to 6 p.m., Sunday from noon to 6 p.m., Monday from 8 a.m. to 8 p.m. and thereafter from 9 a.m. to 5 p.m.

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