FDIC wants to fine ex-Tennessee Commerce CEO $485K

Regulators: Sapp's 'personal dishonesty' and 'willful and continuing disregard' for bank's safety cost at least $5M
Jun 2, 2014 7:37 AM

Tennessee Commerce faces class action

Local lawyers P.K. Bramlett and Robert Bramlett and peers from New York's Rosen Law Firm on Friday filed a putative class action against Tennessee Commerce Bancorp and four current or former top executives — Art Helf, Mike Sapp, Lamar Cox and Frank Perez. On behalf of lead plaintiff Carolyn Lynn, the attorneys say, among other things, that Tennessee Commerce's execs "knowingly or recklessly" made false statements about the bank's financial health and the state of its internal controls starting with their 2008 annual report.

"During the Class Period, defendants engaged in a scheme to deceive the market and a course of conduct that artificially inflated TNCC's share price and operated as a fraud or deceit on purchasers of TNCC shares by misrepresenting the Company's financial condition and business prospects," the complaint says. "The Individual Defendants' false and misleading statements had the intended effect and caused TNCC stock to trade at artificially inflated levels throughout the Class Period."

Download the suit by clicking here. Its filing is not altogether unexpected, but the big question is how — if they win the day — shareholders will be compensated. There's not much for the Tennessee Commerce holding company to scrounge up: Its shares (Ticker: TNCC) are actually still being traded but are worth a total of $2,445.

Nov 5, 2012 6:12 AM

FDIC’s Tennessee Commerce clock ticking down

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

Tennessee Commerce craters on preliminary Q3 report

Shares crash more than 80% after bank reports massive loan loss
Oct 31, 2011 3:20 PM

Tennessee Commerce insiders add to holdings

With shares of their company cut in half in the past month, three Tennessee Commerce leaders have this week put some of their cash dollar-averaging their holdings. CEO Mike Sapp has snapped up 15,000 shares, COO Lamar Cox has boosted his stake in the company by almost 20 percent and former CEO Art Helf has added almost 9,000 shares to his holdings. Tennessee Commerce shares (Ticker: TNCC) are down another 2 percent in today's red-tinted market action.

Aug 18, 2011 12:49 PM

How Tennessee Commerce plans to raise capital levels

Lending on hold as bank looks to shrink by $75M in seven months
Jun 3, 2011 7:26 AM

Regulators tell Tennessee Commerce to hike capital ratios

But no earnings restatement needed for Franklin lender
May 31, 2011 6:05 PM

Explanation, warning almost cancel each other out at Tennessee Commerce

Stock gives up more ground after bank clarifies loss provision standoff with regulators, says Q1 would have missed consensus anyway
Apr 19, 2011 11:29 AM

Bank labels its ex-CFO 'criminal'

Fired Tennessee Commerce exec denies having criminal record, competing with bank while employed there
Aug 20, 2010 8:34 AM

Earnings wrap: HealthStream, Tennessee Commerce

Shares follow operating profits' jump at health learning company; bank's credit quality ticks up
Jul 27, 2010 8:36 AM