Tennessee Commerce Bank Agrees To Get Fed Okay To Pay Dividends
22 November 2011 - 5:30PM
Dow Jones News
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
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