Tag Archives: bank

City Shuts Down Traffic Cameras

After six years, Red Bank has given its traffic cameras the red light, says the Chattanooga TFP.
Minutes after a handful of residents spoke out Tuesday against how the cameras have hurt the city’s image and businesses, Red Bank commissioners voted 4-1 to ax the city’s four traffic cameras, which cite motorists who speed and run red lights at the city’s busiest intersections along the city’s main artery, Dayton Boulevard.
The lone holdout for keeping the cameras was Commissioner Ruth Jeno, who said that the cameras’ effect on safety was more important than their impact on business or city coffers.
“I don’t feel like that we can afford to hire more police officers to patrol Dayton Boulevard,” she said. “The majority of citizens in Red Bank have asked me to vote to keep the cameras and keep the police officers off Dayton Boulevard and in our neighborhoods, because crime is rising.”
The vote allowed Mayor Monty Millard to make good on a campaign promise that he had so far been unable to fulfill because of the contract the city had with American Traffic Services, the Arizona-based company that runs the program.

Town May Take Down Traffic Cameras

RED BANK, Tenn. (AP) — The city of Red Bank might shut down its traffic cameras.
Mayor Monty Millard told the Chattanooga Times Free Press (http://bit.ly/O92CXF ) people who live in Red Bank don’t like the cameras and believe their use hurts the city.
Three intersections in Red Bank are under surveillance from the cameras, which are owned by Arizona-based American Traffic Solutions. Millard also said revenue from tickets issued because of driving infractions caught by the cameras has dropped significantly since the Legislature passed a law that won’t allow right turn on red tickets if the only evidence is a traffic cam.
The cameras have been in place for seven years.
A vote on whether to end the contract is scheduled for the city commission’s Sept. 4 meeting.

Regulators Close TN Bank, Two in Other States

WASHINGTON (AP) — Federal regulators have seized 3 banks, one each in Florida, Georgia and Tennessee, bringing to 31 the number of U.S. banks that have failed so far this year.
The Federal Deposit Insurance Corp. said Friday that it closed Putnam State Bank in Palatka, Fla., Security Exchange Bank, in Marietta, Ga., and The Farmers Bank of Lynchburg, in Lynchburg, Tenn.
(Note: The Tennessee Department of Financial Institutions news release on the Lynchburg bank is at the end of this post.)
The FDIC lined up other lenders to assume the deposits and assets of each of the banks.

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Sundquist, Comptroller, Former Banking Commissioner and State Rep Had Ties to Failed Bank

A former Tennessee governor and the state’s current comptroller are among public figures with ties to an East Tennessee bank whose closure by regulators was one of the state’s first bank failures in nearly a decade, reports The Tennessean.
Former Gov. Don Sundquist sat on the Knoxville-based BankEast’s board. He and Comptroller Justin Wilson owned shares in its holding company.
After the bank’s failure last month, and the purchase of much of its assets by U.S. Bank, their BankEast stock is considered worthless.
State Rep. Joe Armstrong, D-Knoxville, also served on BankEast’s board and listed the bank as a source of income in a filing with the Tennessee Ethics Commission. He received a business loan from the bank.
BankEast failed after real estate, construction and other loans went sour amid the economic downturn. The bank’s 10 branches now fly the corporate flag of U.S. Bank. The Minneapolis-based company bought much of the failed bank’s assets, including $272 million of loans, and assumed $268 million of deposits
BankEast’s holding company, in which Sundquist, Wilson and others owned stock, wasn’t part of the U.S. Bank purchase. Typically, shareholders of a failed bank lose their money because they fall behind depositors and holders of unsecured and subordinated debt on a list of priority of creditors’ claims.
…Sundquist held 2 percent of voting shares in BankEast’s holding company at year-end 2010, according to BankEast Corp.’s most recent annual report filing with a regulator.
The ex-governor declined to comment on his ties to the bank, whose lead founder and chairman, Fred Lawson, was banking commissioner during the Sundquist administration. Sundquist was governor from 1995 to 2003 and was a congressman for a dozen years before that.

State Regulators Take Over BankEast of Knoxville

News release from state Department of Financial Institutions:
NASHVILLE – The Tennessee Department of Financial Institutions (“Department”) took possession of BankEast, Knoxville, Tennessee at 6:00 p.m. EST on January 27, 2012. The Department has appointed the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of BankEast.
The Department took possession of BankEast due to BankEast’s impaired capital, unsound condition and the bank’s inability to continue normal operations.
Through an agreement with the FDIC, all deposit accounts of BankEast have been transferred to U. S. Bank National Association and will be available immediately. Depositors of BankEast will automatically become depositors of U. S. Bank National Association. Depositors will be able to access their accounts at the former main office and branch locations of BankEast during regular business hours. Customers of both banks should continue to use their existing branches until U. S. Bank National Association can fully integrate the deposit records of BankEast. Additionally, the former depositors of BankEast can continue to access their accounts through automated teller machine transactions, checks and debit transactions.
Since all deposits transferred to U. S. Bank National Association there will be no loss exposure to former customers of BankEast. The FDIC has established a website and a toll-free phone number to answer questions from depositors, creditors and other interested parties regarding the receivership of BankEast. Please refer to the FDIC’s website at http://www.fdic.gov/bank/individual/failed/bankeast.html for further information regarding the details of the transaction. The toll-free number is 1-800-517-1839. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; on Monday from 8 a.m. to 8 p.m., EST; and thereafter from 9:00 a.m. to 5:00 p.m., EST.
The Department’s Commissioner, Greg Gonzales, reminds depositors that deposits for all Tennessee banks are insured by the FDIC up to $250,000. Special rules are in place for accounts held in trust status and joint accounts that may further expand deposit insurance coverage. Additional information on FDIC Deposit Insurance may be found at www.fdic.gov.

State Takes Over ‘Unsound’ Franklin Bank

News release from state Department of Financial Institutions:
NASHVILLE – The Tennessee Department of Financial Institutions (“Department”) took possession of Tennessee Commerce Bank, Franklin, Tennessee at 4:00 p.m. CST on January 27, 2012. The Department has appointed the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Tennessee Commerce Bank.
The Department took possession of Tennessee Commerce Bank due to Tennessee Commerce Bank’s impaired capital, unsound condition and the bank’s inability to continue normal operations.
Through an agreement with the FDIC, deposit accounts of Tennessee Commerce Bank have been transferred to Republic Bank & Trust Company, Louisville, Kentucky and will be available immediately. Depositors of Tennessee Commerce Bank will automatically become depositors of Republic Bank & Trust Company. Depositors will be able to access their accounts at the former main office of Tennessee Commerce Bank during regular business hours. Customers of both banks should continue to use the existing office until Republic Bank & Trust Company can fully integrate the deposit records of Tennessee Commerce Bank. Additionally, the former depositors of Tennessee Commerce Bank can continue to access their accounts through automated teller machine transactions, checks and debit transactions.
Since deposits transferred to Republic Bank & Trust Company, there will be no loss exposure to former customers of Tennessee Commerce Bank. The FDIC has established a website and a toll-free phone number to answer questions from depositors, creditors and other interested parties regarding the receivership of Tennessee Commerce Bank. Please refer to the FDIC’s website at http://www.fdic.gov/bank/individual/failed/tcb.html for further information regarding the details of the transaction. The toll-free number is 1-800-450-5668. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST, on Sunday from noon to 6:00 p.m., CST; on Monday from 8:00 a.m. to 8:00 p.m., CST; and thereafter from 9:00 a.m. to 5:00 p.m., CST.
The Department’s Commissioner, Greg Gonzales, reminds depositors that deposits for all Tennessee banks are insured by the FDIC up to $250,000. Special rules are in place for accounts held in trust status and joint accounts that may further expand deposit insurance coverage. Additional information on FDIC Deposit Insurance may be found at www.fdic.gov.

More on Fincher and the FEC

Rep. Stephen Fincher and federal election officials agree on this much: The Tennessee Republican violated campaign finance laws last year by inadvertently misreporting the source of a $250,000 bank loan to his campaign. But they disagree on a central question in the now-closed case: Could he have corrected the error more quickly?
Further excerpt from a Jackson Sun story on the matter:
Elliot Berke, Fincher’s campaign lawyer, says no.
Democratic members of the Federal Election Commission disagree. In June, they voted to fine Fincher, R-Frog Jump, saying his campaign committee had “failed to take prompt corrective action,” according to a statement they released last week.
That statement was among documents released after the FEC’s six commissioners — three Democrats and three Republicans — deadlocked June 14 on whether to fine Fincher up to $7,500.
In one vote, the three Democrats voted for a fine. In another, the three Republicans voted for a warning letter instead of a fine. Four votes are needed to impose a penalty.
Ultimately, the commission voted 5-1 to dismiss the case. In FEC campaign finance reports filed in July last year, Fincher said the loan came from personal funds. In fact, it came from Gates Banking and Trust Co., according to a legal analysis written by FEC lawyers and released last week
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FEC Commissioners Agreed That Fincher Violated Law… and Then to Dismiss Complaint

All six Federal Election Commission members endorsed a finding that U.S. Rep. Stephen Fincher’s campaign violated campaign disclosure requirements, records released today reveal, according to Bartholomew Sullivan.
But they did it in separate 3-3 votes and it takes four votes to pass a motion.
Ultimately they voted 5-1 to dismiss the complaint filed by Fincher’s Democratic opponent, state Sen. Roy Herron, in last year’s 8th Congressional District race. The commission is made up of three Democratic and three Republican members and requires a majority vote to proceed to an investigation.
Fincher’s election law lawyer Elliott S. Berke, released a statement today in response to a request from The Commercial Appeal: “Congressman Fincher and his campaign committee are pleased this matter is now closed and that the FEC, by a vote of 5-1, agreed to do so without any further action.”
Herron also released a statement: “The gospel singer did not tell the gospel truth during the campaign when he repeatedly said the Federal Election Commission had approved of what he’d done.”
Referring to the separate 3-3 findings, in which all six commissioners found Fincher’s committee violated the law, Herron added: “Instead, all six commissioners, including the three Republicans, ruled that he broke federal law. The FEC has now ruled we have a law breaker for a lawmaker.”
The inaction involved the commission’s disagreement over the consequences of the violation. It follows a recommendation by the FEC’s chief lawyers that the commission find that the Fincher committee and its treasurer, Phyllis Patterson, violated the law regarding accurate reporting of a loan when they told the FEC it came from “personal funds” when, in fact, it came from the Gates Banking and Trust Co.