Mountain National Bank
| Industry | Banking |
|---|---|
| Founded | November 23, 1998 |
| Defunct | June 7, 2013 |
| Fate | Bank failure; acquired by First Tennessee |
| Headquarters | Sevierville, 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) |
| Footnotes / references [1][2] | |
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.
History
[edit]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]
References
[edit]- ^ a b "Mountain National Bancshares, Inc. 2011 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b "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.
- ^ Flory, Josh (October 26, 2008). "Though big four banks of ET keep top spots, newcomers grab market share". Knoxville News Sentinel.
- ^ "Consent Order 2011-167 - OCC" (PDF). Office of the Comptroller of the Currency. October 27, 2011.
- ^ Flory, Josh (April 6, 2012). "Mountain National Bank parent outlines financial losses". Knoxville News Sentinel.
- ^ Flory, Josh (October 4, 2012). "CEO of Mountain National Bank, in Sevierville, steps down". Knoxville News Sentinel.