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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.

State Tax Take Over Estimates In October

News release from Department of Finance and Administration:
NASHVILLE – Revenue collections in Tennessee for October continue to indicate consumer confidence in the state’s economy. Finance and Administration commissioner Mark Emkes reported today that state revenue collections for October were $791.5 million, which is 8.01% above October 2010.
“We’re satisfied with the positive growth rates experienced in our overall tax collections, especially in the sales tax, which is the best indicator of economic recovery in Tennessee,” Emkes said. “The sales tax recorded a first quarter growth of 6.5%, which is the best first quarter growth since 2006.
“However, we continue to watch national leading economic indicators, which show that very slow recovery is in progress, and in light of that and the uncertainty surrounding resolution of the federal budget, we must continue to be diligent in monitoring our spending patterns.”
On an accrual basis, October is the third month in the 2011-2012 fiscal year.
October collections were $36.4 million more than the budgeted estimate. The general fund was over collected by $34.0 million and the four other funds were over collected by $2.4 million.
Sales tax collections were $15.9 million more than the estimate for October. The October growth rate was 6.17%. Year-to-date the growth rate is 6.50%.
Franchise and excise combined collections for October were $35.1 million, and they were $24.9 million above the budgeted estimate of $10.2 million.
Gasoline and motor fuel collections increased by 1.93% and they were $1.2 million below the budgeted estimate of $72.8 million.
Tobacco tax collections for the month were under collected by $1.6 million.
Privilege tax collections were $600,000 less than the budgeted estimate of $21.2 million.
Inheritance and Estate taxes were under collected by $1.9 million for the month.
All other taxes were over collected by a net of $0.9 million.
Year-to-date collections for three months were $59.9 million more than the budgeted estimate. The general fund was over collected by $56.8 million and the four other funds were over collected by $3.1 million.
The budgeted revenue estimates for 2011-2012 are based on the State Funding Board’s consensus recommendation of April 15, 2011 and adopted by the first session of the 107th General Assembly in May. They are available on the state’s website at http://www.tn.gov/finance/bud/budget.html.