Closed Friday, January 27, 2012 · Franklin, Williamson County, Tennessee
Tennessee Commerce Bank
No bank in Tennessee had failed for nine years, since Bank of Alamo closed in 2002. Tennessee Commerce Bank was the largest of the 51 bank failures in 2012. No failed bank in Tennessee was larger, of 70 on record there since 1934.
On the books, 2004 to 2011
Total assets peaked at $1.5 billion in the first quarter of 2011 and were 33% lower at the final report. Equity capital went from 8.3% of assets in the first quarter of 2004 to below zero at the last report. By then 14% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $165 million, was booked in 2011.
Size against the other 2012 failures
Total assets of each 2012 failure, log scale; Tennessee Commerce Bank in red.
Across the failures of 2012, the median estimated loss came to 21% of assets. Ranked by estimated loss, it is 110th of 2,944 failures since 1934. The next-largest failure of that year was Citizens First National Bank of Princeton, Illinois ($924 million, loss 3.5% of assets). Every 2012 failure in the explorer.
Three other banks closed that day; the largest was First Guaranty Bank and Trust Company of Jacksonville of Jacksonville, Florida, at $397 million.
Failures in Tennessee
It was one of three banks in Tennessee to fail in 2012. The next was The Farmers Bank of Lynchburg of Lynchburg, on June 15, 2012. No other failed bank in the FDIC's records was based in Williamson County.