Fed orders West Tenn. bank to shape up

By Geert De Lombaerde Posted on October 30, 2009 at 7:33 am

Regulators from the St. Louis Federal Reserve Bank last week formally ordered the leadership of West Tennessee Bancshares to shape up its oversight and risk management and boost its capital. West Tennessee is the parent of the Bank of Bartlett, which has seven offices and about $450 million in assets but lost $3.1 million in the first half of this year.

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Tags: Bank of Bartlett, banking, enforcement actions, Federal Reserve, financial regulation, West Tennessee Bancshares Inc.  

Feds censure local exec over benefits plan

By Geert De Lombaerde Posted on May 7, 2009 at 7:42 am

The former president of Homeland Entertainment Group will put more than $20,000 back into the company’s retirement plan and pay a fine to the Labor Department.

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Tags: enforcement actions, governmental investigations, Homeland Entertainment Group Inc., retiree benefits, U.S. Department of Labor, William Traylor  

FDIC comes down on three TN banks

By Geert De Lombaerde Posted on January 30, 2009 at 3:11 pm

Three banks in Tennessee – one in Carthage, one east of Memphis, one north of Chattanooga – ‘made’ the Federal Deposit Insurance Corp.’s naughty list for December.

- Mountain Valley Bank in Dunlap has agreed to pay a fine for not getting the proper insurance on loans secured by properties in flood zones.

- Citizens Bank in Carthage will pay a penalty for “its inaccurate submission of mortgage and loan data.”

- By far the most serious case is Oakland Deposit Bank, which the FDIC has issued a cease-and-desist order for running way low on capital because of “unsafe or unsound banking practices.” In short, too many loans are in the tank, the paperwork stinks and no one’s properly minding the store.

For the full list of the agency’s December enforcement actions, click here.

UPDATE: It could be worse.

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Tags: banking, cease and desist, enforcement actions, Federal Deposit Insurance Corp., government regulation