Nolensville bank told to hike capital ratios

Federal regulators have told the managers of a troubled Nolensville community bank they need to raise its capital ratios by May and plan to sell the bank or merge it with another institution should they fall short. The Federal Deposit Insurance Corp. in mid-November told Peoples State Bank of Commerce, which lost $7.5 million in the first nine months of 2011, it also needed to trim the amount of loans to insiders and "eliminate from its books, by charge-off or collection, all assets or portions of assets classified Loss by the FDIC or the State" during an examination in late 2010. The latter part of the order should have been completed by late last month. Check out the full order here.

Along with Peoples State, which took a $6 million loan loss provision in the third quarter, the FDIC in November also issued a similar order to Farmers Bank of Lynchburg. Both lenders were controlled by financier Ed Lowery but last summer gave up a chunk of their equity to Tennessee Commerce Bank to satisfy some of Lowery's debts.

Jan 3, 2012 2:11 PM

Tennessee Commerce fell short

Struggling lender did not meet FDIC capital target, says receivership likely without buyer
Dec 8, 2011 1:13 PM

Mortgage delinquency data showing little progress

Housing market research firm CoreLogic is out with its latest set of delinquency and foreclosure statistics for the Nashville area and the news is very so-so. The number of home loans at least 90 days delinquent has stopped trending down while the rate of foreclosures is at its highest point since February. Drilling down to foreclosures, little appears to have changed from June's numbers.

Dec 8, 2011 10:18 AM

No news is good news for Tennessee Commerce shares

Monday brought a special kind of relief rally in shares of Tennessee Commerce Bancorp, which more than doubled from their very low base after Friday's FDIC deadline to raise capital came and went without word of new regulatory sanctions. Early morning Tuesday action has them up some more, but it remains to be seen what the bank's near-term future holds: Both bank and FDIC officials declined Monday to comment on the status of the company's capital ratios and conversations they're having.

Dec 6, 2011 7:21 AM

FDIC’s Tennessee Commerce clock ticking down

Asset sales aplenty and ‘no getting around deadline’
Dec 1, 2011 3:03 PM

Hotel Indigo sale closes

$14.4M sale finalized for battle-born bankrupt building
Nov 29, 2011 12:00 PM

Regulator sets Tennessee Commerce deadline

Wide-ranging FDIC directive calls for capital raise in next three weeks
Nov 9, 2011 7:29 AM

Eight more weeks of 5th & Main auction prices

The owners of the Fifth & Main condo complex say they will accept until the end of the year the auction-level prices paid by 25 people Saturday for the 80-plus units they still need to ship. The weekend auction fetched ACG Equities about $135 per square foot.

“We hope we won’t have any left by January, but if we do, we’ll have to discuss pricing at that point,” he said. “In the last three weeks before the auction, we had about 600 people come through the building, and 100 of them came back multiple times. We see those people as our prime buyers.”

Nov 7, 2011 5:20 AM

Fifth & Main condos go to the gavel Saturday

Fifth & Main's ballyhooed, half-off auction is tomorrow at the Downtown Sheraton, starting at 1 p.m. Check the Web site for the deals and details.

Nov 4, 2011 11:59 AM

TDFI's Tennessee Commerce conditions

It appears to be a little bit academic at this point, but Tennessee Commerce Bancorp executives on Wednesday told investors that it has received a formal agreement from the Tennessee Department of Financial Institutions that outlines a host of capital level, asset management and governance steps it must take to right its ship. Many of the terms and remedies prescribed are the same ones called for earlier this year by the Federal Deposit Insurance Corp.

Nov 3, 2011 7:30 AM