Mountain National Bank

Mountain National Bank was a bank headquartered in Sevierville, Tennessee. It was a subsidiary of Mountain National Bancshares, Inc., a bank holding company. The bank operated 12 branches in Sevier County and Blount County. In June 2013, as a result of bank failure, the bank was shut down by regulators and was sold to First Tennessee.

Mountain National Bancshares, Inc.
IndustryBanking
FateBank failure; acquired by First Tennessee
FoundedNovember 23, 1998 (1998-11-23)
DefunctJune 7, 2013 (2013-06-07)
HeadquartersSevierville, Tennessee
Key people
 Michael L. Brown, President
Richard A. Hubbs, CFO
Total assets $437.3 million (2013)
Total equity -$2 million (2011)
Number of employees
143 (2011)
Websitewww.bankmnb.com/ 
Footnotes / references
[1][2]

History

The bank was founded on November 23, 1998.[1]

In 2008, the bank had a 3.38% market share in East Tennessee.[3]

In October 2011, the bank entered into a consent order with the Office of the Comptroller of the Currency (OCC) and agreed to reduce its commercial property loans.[4]

In March 2012, Dwight Grizzell resigned as president and chief executive officer of the bank. In April 2012, the bank stated in a regulatory filing that there are matters that "give rise to substantial doubt" about the ability of the company to continue as a going concern.[5]

In October 2012, James Friddell resigned as chief executive officer of the bank after only 6 months in the position.[6]

On June 7, 2013, as a result of bank failure, the bank was closed by the OCC and put into receivership, with the Federal Deposit Insurance Corporation as receiver. Its branches were acquired by First Tennessee.[2]

gollark: It is "better" now.
gollark: I have "improved" the footer.
gollark: `no method named `include_checksum` found for mutable reference `&mut &mut &mut W` in the current scope`How fun.
gollark: The crate I'm using for this is quite nice and it seems to support this, great.
gollark: Huh. They actually have a fairly complex frame format.

References
  1. "Mountain National Bancshares, Inc. 2011 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "First Tennessee Bank, National Association, Memphis, Tennessee, Assumes All of the Deposits of Mountain National Bank, Sevierville, Tennessee" (Press release). Federal Deposit Insurance Corporation. June 7, 2013.
  3. Flory, Josh (October 26, 2008). "Though big four banks of ET keep top spots, newcomers grab market share". Knoxville News Sentinel.
  4. "Consent Order 2011-167 - OCC" (PDF). Office of the Comptroller of the Currency. October 27, 2011.
  5. Flory, Josh (April 6, 2012). "Mountain National Bank parent outlines financial losses". Knoxville News Sentinel.
  6. Flory, Josh (October 4, 2012). "CEO of Mountain National Bank, in Sevierville, steps down". Knoxville News Sentinel.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.