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August 30, 2015 7:02 PM ET

Banks

Company Overview of Tennessee Commerce Bancorp Inc.

Company Overview

Tennessee Commerce Bancorp, Inc. does not have significant operations. Previously, the company operated as the bank holding company for Tennessee Commerce Bank, which offered various retail and commercial banking services to small to medium-sized businesses, entrepreneurs, and professionals in the Nashville metropolitan statistical area, Tennessee. The company was founded in 2000 and is headquartered in Franklin, Tennessee.

381 Mallory Station Road

Suite 207

Franklin, TN 37067

United States

Founded in 2000

99 Employees

Phone:

615-599-2274

Key Executives for Tennessee Commerce Bancorp Inc.

Chairman, Chief Executive Officer, President, Chief Lending Officer, Chairman of the Tennessee Commerce Bank, Chief Executive Officer of the Tennessee Commerce Bank, President of the Tennessee Commerce Bank and Chief Lending Officer of the Tennessee Commerce Bank
Age: 61
Chief Financial Officer and Principal Accounting Officer
Age: 47
Chief Operating Officer, Secretary, Director, Chief Operating Officer of Tennessee Commerce Bank, Secretary of Tennessee Commerce Bank and Director of Tennessee Commerce Bank
Age: 72
Senior Vice President and National Lending Executive
Chief Risk Officer
Compensation as of Fiscal Year 2015.

Tennessee Commerce Bancorp Inc. Key Developments

Shareholders of Failed Tennessee Commerce Bank Agree to $2.6 Million Settlement

Investors in the failed Tennessee Commerce Bank have reached a tentative agreement to resolve a two-year-old class action involving the bank. The $2.6 million deal would settle claims that the Franklin, Tenn., bank falsified its earnings reports to shareholders before it was seized by regulators in January 2012. The lawsuit was brought against the bank's holding company and four executives, including two former heads of the bank, Arthur F. Helf and Michael R. Sapp. A hearing on the proposed settlement has been scheduled for March 20. The November 2012 lawsuit charged the $1 billion-asset Tennessee Commerce with inflating its financial condition, causing its stock to trade at an artificially high level. The Federal Deposit Insurance Corp.in May assessed a $485,000 civil money penalty against Sapp because of his role in concealing the bank's losses.

Plaintiffs May Amend Complaint Against Bank Holding Company to Add Auditor as Defendant

The U.S. District Court for the Middle District of Tennessee granted the motion of plaintiffs in a securities fraud class action brought against a bank holding company to amend their complaint to add the firm's external auditor as a defendant and to add sections relating to the complaint's "control person" allegations. Shareholders in Tennessee Commerce Bancorp (TCB), the holding company for Tennessee Commerce Bank, sued the firm and certain of its officers, alleging securities fraud arising out of misrepresentations made by the defendants in furtherance of a scheme to artificially inflate the firm's stock price, thereby causing the firm's stockholders to suffer economic loss. The court noted that the most significant changes in the proposed amended complaint were the addition of TCB's external auditor as a defendant, the addition of sections concerning each individual officer defendant explaining why each was a "control person," and the addition of details clarifying the allegations relating to fraud and scienter. Although the new alleged facts came from sources that were available to the plaintiff when the first amended complaint was filed, the plaintiffs argued the complexity of the case justified the timing of the remaining amendments. The court found the prejudice to the defendants was limited and that it was in the interest of justice that all potentially liable entities be made parties to the case.

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