Tennessee Department of Financial Institutions takes Possession of Trust Company Bank in Memphis
May 1, 2016
Nashville, TN – The Tennessee Department of Financial Institutions (“Department”) took possession of Trust Company Bank, Memphis, Tennessee at 4:00pm CDT on April 29th, 2016.
The Department has appointed the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Trust Company Bank.
Tennessee Department of Financial Institutions took possession of Trust Company Bank due to Trust Company Bank’s severely impaired capital, unsound condition and inability to continue normal operations.
