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.
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]
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.
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]