Mountain National Bank

Mountain National Bank was a bank headquartered in Sevierville, Tennessee. It was a subsidiary of Mountain National Bancshares, Inc., a bank holding company. The bank operated 12 branches in Sevier County and Blount County. In June 2013, as a result of bank failure, the bank was shut down by regulators and was sold to First Tennessee.

Mountain National Bancshares, Inc.
IndustryBanking
FateBank failure; acquired by First Tennessee
FoundedNovember 23, 1998 (1998-11-23)
DefunctJune 7, 2013 (2013-06-07)
HeadquartersSevierville, Tennessee
Key people
Michael L. Brown, President
Richard A. Hubbs, CFO
Total assets $437.3 million (2013)
Total equity -$2 million (2011)
Number of employees
143 (2011)
Footnotes / references
[1][2]

History

The bank was founded on November 23, 1998.[1]

In 2008, the bank had a 3.38% market share in East Tennessee.[3]

In October 2011, the bank entered into a consent order with the Office of the Comptroller of the Currency (OCC) and agreed to reduce its commercial property loans.[4]

In March 2012, Dwight Grizzell resigned as president and chief executive officer of the bank. In April 2012, the bank stated in a regulatory filing that there are matters that "give rise to substantial doubt" about the ability of the company to continue as a going concern.[5]

In October 2012, James Friddell resigned as chief executive officer of the bank after only 6 months in the position.[6]

On June 7, 2013, as a result of bank failure, the bank was closed by the OCC and put into receivership, with the Federal Deposit Insurance Corporation as receiver. Its branches were acquired by First Tennessee.[2]

References

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