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Tennessee Department of Financial Institutions takes Possession of Trust Company Bank in Memphis

 

Tennessee State GovernmentNashville, 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.

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.

The Department took possession of Trust Company Bank due to Trust Company Bank’s severely impaired capital, unsound condition and inability to continue normal operations.

Through an agreement with the FDIC, all deposit accounts of Trust Company Bank have been transferred to The Bank of Fayette County, Piperton, Tennessee, and will be available immediately.

Depositors of Trust Company Bank will automatically become depositors of The Bank of Fayette County. Depositors will be able to access their accounts at the former main office and branch locations of Trust Company Bank during regular business hours.

Customers of Trust Company Bank should continue to use their existing branches until The Bank of Fayette County can fully integrate the deposit records of Trust Company Bank.

Additionally, the former depositors of Trust Company Bank can continue to access their accounts through automated teller machine transactions, checks and debit transactions.

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 Trust Company Bank.

Please refer to the FDIC’s website at https://www.fdic.gov/bank/individual/failed/banklist.html for further information regarding the details of the transaction.

The toll-free number is 800.886.2154. The phone number will be operational on Monday, May 2nd, 2016, from 8:00am to 8:00pm; and thereafter from 9:00am to 5:00pm CDT.


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