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.”
National HealthCare Corp. and Bank of America have agreed to a new $175 million line of credit that will replace the companies' $75 million deal, which was to have expired Oct. 21. NHC CEO Robert Adams says the new line will let his team complete the roughly $170 million redemption of their preferred shares while continuing to invest in their regular businesses. The credit line will mature on five years.
Shares of Murfreesboro-based NHC (Ticker: NHC) are changing hands this morning around $63.30, flat on the day and for the year.
There appears to be no letup in sight to the growth at Franklin Synergy Bank: After finishing the second quarter with $1.77 billion in assets, the eight-year-old bank powered its way to $2 billion before the end of Q3. Chairman and CEO Richard Herrington says the integration of MidSouth Bank has gone well and let his team maintain its momentum.
The leaders of FirstBank have engineered some solid growth in recent years, going from $2.2 billion in assets in mid-2012 to $2.8 billion following their recent acquisition of a Chattanooga-area bank. That has led them to invest in an information technology upgrade with the help of Missouri-based Jack Henry & Associates, which works with more than 1,300 banks. The latter's SilverLake system will pull together FirstBank's core data and help it manage the various risk management and regulatory compliance requirements banks face. Check out more info here.
Southeast Financial Credit Union has filed suit against a longtime Indiana customer that has been accused by two states attorneys general of bilking students out of thousands of dollars each for online college preparation study modules. The Indianapolis Star reports that Southeast Financial's complaint against The College Network and related individuals and companies claims the entities are insolvent and that its owners trying to squirrel away any remaining viable assets.
Earlier this year, Southeast Financial — which has lent out about $35 million to College Network customers — was named in a deceptive business practices suit filed by New York's attorney general. Click here for the credit union's complaint against TCN, which was filed last Friday and asks for $12 million and for TCN to placed under the control of a court-appointed receiver.
Southeast Federal, which has had a business relationship with TCN since 2003, said that when the credit union signed a contract extension with TCN last year, it was not made aware that the company was "insolvent, financially weakened by years of dwindling and slow sales and poor business performance."
POSTDATA: WARRANTY DEEDS