Tennessee Commerce Bancorp, Inc (fka TNCC)

[sterlingkuning]

Tennessee Commerce deadline arrives, work continues
Tennessee Commerce Bank of Franklin continues to work with regulators as a deadline to raise capital arrives.
The bank, whose parent Tennessee Commerce Bancorp (Nasdaq:TNCC) disclosed to investors a $120 million loss in the third quarter, had an original deadline of today to become adequately capitalized. In a statement, a bank attorney emphasized that the bank’s deposits remain insured by the Federal Deposit Insurance Corp., and said the situation is ongoing.
“As always, the most critical fact to recognize is that deposits at Tennessee Commerce remain insured up to the legal limit regardless of the bank’s capital ratios at any point in time,” Lawrence Kaplan, an attorney with law firm Paul Hastings, said in a statement. “Tennessee Commerce is continuing to strive to meet applicable capital ratios and work its way through many technical issues throughout this process.”
It’s largely up to regulators what happens next. We took a look at the bank’s difficult situation for full subscribers recently, and provided an update on the ongoing regulatory situation last week.
http://www.bizjournals.com/nashville/news/2011/12/02/tennessee-commerce-fdic-banks.html