Tennessee Commerce Bancorp, Inc (fka TNCC)

[greenwave]

Tennessee Commerce stock drops on dim prospects
.Nashville Business Journal
Date: Friday, December 9, 2011, 7:36am CST - Last Modified: Friday, December 9, 2011, 7:55am CST
..... ..Sputtering Tennessee Commerce Bank has failed to meet an FDIC-mandated deadline of Dec. 2 to restore the bank to “adequately capitalized” levels, the Franklin-based lender said yesterday in an SEC filing.

The company's stock fell again Thursday, dropping to 11 cents per share at the close of trading. As recently as Oct. 28, the company's stock was trading at around 90 cents per share.

“We continue to work with our financial advisor to assist us in exploring and evaluating every possible strategic alternative that would allow the bank to comply with the directive,” the bank said in the filing. “Nevertheless, the company may not be able to find a viable alternative, and if no such alternative is found, it is likely that the (Federal Deposit Insurance Corp.) will be appointed as a conservator or receiver of the bank.

The bank’s parent is Tennessee Commerce Bancorp (Nasdaq: TNCC), which recently disclosed to investors a $120 million loss in the third quarter, and that the FDIC had deemed it critically undercapitalized.

Federal regulators have been maintaining a physical presence at the bank as it aggressively unloaded assets to generate additional capital.