Feds take inventory at Mountain National Bank

Jun. 10, 2013 @ 11:55 PM

Locally owned Mountain National Bank ceased operation on Friday after federal and state personnel shut down the bank's main office, along with its 11 branches.

Although the bank is usually closed on Saturday, agents with the Federal Deposit Insurance Corporation were on site at the main office taking inventory, and FDIC senior ombudsman Adela Coronado was available to answer customer questions and allay concerns.

"We've had a few stop by with questions, but not many," Coronado said. "All of our account holders were already notified if they have email."

Although the bank has been struggling to increase its capital for several years, customer funds are safe, and Coronado said that customers will be unaffected by the closings.

"Most people just want reassurance that their money is safe, and it's just a matter of letting them know that they can continue normal banking activity. It's just business as usual," she said.

The banks will reopen on Monday as part of First Tennessee Bank National Association. n

jfrye@themountainpress.com