Mountain National Bank was a

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

headquartered in

Sevierville, Tennessee Sevierville ( ) is a city in and the county seat of Sevier County, Tennessee, United States, located in East Tennessee. The population was 17,889 at the 2020 United States Census. History Native Americans of the Woodland period were among th ...

. It was a subsidiary of Mountain National Bancshares, Inc., a

bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') or bancorporation is often used to refer to such companies as w ...

. The bank operated 12

branches A branch, also called a ramus in botany, is a stem that grows off from another stem, or when structures like veins in leaves are divided into smaller veins. History and etymology In Old English, there are numerous words for branch, includi ...

in Sevier County and Blount County. In June 2013, as a result of

bank failure A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank typically fails economically when the market value of its ass ...

, the bank was shut down by regulators and was sold to

First Tennessee First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 ...

History

The bank was founded on November 23, 1998. In 2008, the bank had a 3.38%

market share Market share is the percentage of the total revenue or sales in a Market (economics), market that a company's business makes up. For example, if there are 50,000 units sold per year in a given industry, a company whose sales were 5,000 of those ...

East Tennessee East Tennessee is one of the three Grand Divisions of Tennessee defined in state law. Geographically and socioculturally distinct, it comprises approximately the eastern third of the U.S. state of Tennessee. East Tennessee consists of 33 coun ...

. In October 2011, the bank entered into a consent order with the

Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to corporate charter, charter, bank regulation ...

(OCC) and agreed to reduce its

commercial property Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a Profit (economics), profit, either from capital gains or Renting, rental income. Commercial ...

loans. In March 2012, Dwight Grizzell resigned as president and chief executive officer of the bank. In April 2012, the bank stated in a regulatory filing that there are matters that "give rise to substantial doubt" about the ability of the company to continue as a going concern. In October 2012, James Friddell resigned as chief executive officer of the bank after only 6 months in the position. On June 7, 2013, as a result of

, the bank was closed by the OCC and put into

receivership In law, receivership is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especia ...

, with the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...

as receiver. Its branches were acquired by

References

{{Reflist, 1 Sevier County, Tennessee Banks established in 1998 Defunct banks of the United States 1998 establishments in Tennessee Banks disestablished in 2013 2013 disestablishments in Tennessee