A Tennessee bank owner must get prior Federal Reserve approval to pay dividends or increase debt.

The Fed released Tuesday an agreement with Tennessee Commerce Bancorp Inc. (TNCC). The Franklin, Tenn., company owns Tennessee Commerce Bank. Under the agreement, the bank holding company must get prior approval to declare or pay dividends or to incur, increase, or guarantee any debt.

The company also agreed to submit to the Fed a plan to maintain sufficient capital.

-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com

Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
Historical Stock Chart
Von Mai 2024 bis Jun 2024 Click Here for more Tennessee Commerce Bancorp (TN) (MM) Charts.
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
Historical Stock Chart
Von Jun 2023 bis Jun 2024 Click Here for more Tennessee Commerce Bancorp (TN) (MM) Charts.