Columbia-based Community First Bank & Trust is, as of Sept. 29, no longer operating under any sort of extra regulatory requirements. The bank, which runs eight offices in Maury, Hickman and Williamson counties, had been under an informal memorandum of understanding with regulators since late last year. As recently as 2012, the bank faced a $15 million capital gap as it tried to bounce back from the real estate bust and meet the stringent extra conditions regulators were demanding.
Said Chairman Eslick Daniel in a statement this week: “The board is excited to be planning our future with a focus on serving our community and shareholders rather than correcting the problems of the past. We appreciate the support our regulators have shown in our efforts to improve the health of the Bank, and believe that the lessons of our past will make us a stronger Bank in the future.”
Federal Deposit Insurance Corp. regulators in late July barred Art Helf, a co-founder and former chairman and CEO of Tennessee Commerce Bancorp, and Lamar Cox, who was at times chief administrative officer, CFO and COO at the failed bank, from holding any position of authority in a financial business under the agency's purview. Helf, on the left in our photo, and Cox are the second and third former execs of Tennessee Commerce to come under regulatory fire: Earlier this year, the FDIC said it was going after former CEO Mike Sapp for alleged breaches of his fiduciary duty. The orders against Helf and Cox, which were made public late last week, came after both men waived their right to a hearing on the FDIC's charges but neither admitted to nor denied those claims.
Community South Bank, which was based in Parsons and ran 14 offices across the state, was closed Friday afternoon by regulators. The $400 million-asset bank is being taken over by Russellville, Ala.-based CB&S Bank., which has assets of $1.3 billion and operates one of its 43 offices in Murfreesboro. Community South rang up a first-half loss of $5.9 million — thanks mainly to bad real estate loans — after finishing 2012 with a $7.3 million loss. CB&S also is buying about a third of its assets. Check out the FDIC's info on the closure here.
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