Mountain National Bank

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Mountain National Bank
Type Public
Industry Commercial Banking
Founded Sevierville, U.S. (1998)
Founder(s) Dwight B. Grizzell
Headquarters Sevierville, Tennessee, U.S.
Number of locations 12 branches (2008)
Area served East Tennessee
Products Loans, Deposits, Banking
Total assets $574,724,585
Total equity $50,227,290
Parent Mountain National Bancshares
Website MountainNationalBank.com

Mountain National Bank, was a subsidiary of Mountain National Bancshares, Inc., and was a commercial bank headquartered in Sevierville, Tennessee, U.S.A. until they were shut down by the Office of the Comptroller of the Currency on June 7, 2013 for what was deemed "unsafe practices" and the "mishandling of customer information." The Federal Deposit Insurance Corporation (FDIC)was then named receiver.(http://www.fdic.gov/bank/individual/failed/mountain-tn.html)

The bank had originally been founded in 1998 and by 2007 held a 3.1 per cent market share in East Tennessee. As of March 31, 2013 Mountain National Bank held assets in the amount of $437 million and about $373 million in deposits. The FDIC estimates the cost to its deposit insurance fund from the bank closure will be $33.5 million

On June 10, 2013, Memphis based First Tennessee Bank, National Assosiation, (http://en.wikipedia.org/wiki/First_Tennessee_Bank) took ownership of all 12 MNB branches.

References[edit]

Further reading[edit]

External links[edit]