Federal officials shut down a Sevierville-based bank, after they say the bank did not handle customers' money properly.
As of close of business Friday, Mountain National Bank is now First Tennessee Bank. All 12 locations of Mountain National Bank will reopen under the new owner.
The Office of the Comptroller of Currency (OCC) said in a press release it was forced to close the bank because it used "unsafe and unsound practices."
The FDIC negotiated the sale of the assets, totaling $437 million.
Customers can continue using their accounts and access their money through checks and ATM or debit cards. Checks will continue to be processed. Loan customers should also continue to make their payments.
"It should be a seamless transition to the depositor. Customers shouldn't have anything to worry about. Their money is still insured by the FDIC," said LeJuan Williams-Young, a spokesperson for the FDIC.
Lee Douglas, a Mountain National Bank customer, heard about his bank closing and stopped by to see if it was true.
He said he banked there because they were locally owned and never had any problems. He says he had no idea they were in trouble, but he has no problem being a First Tennessee Customer.
"I'm fine with it. I will miss my bank though. They've been very good to me for about five years now. Every time you go into the bank everyone's got a smile on their face. I hope they do keep the same employees because it's always nice to see local people working in your bank that you know and have seen for years," Douglas said.
Starting Monday during normal business hours, you can visit your bank's branch.
The FDIC has posted information for account holders online at http://www.fdic.gov/bank/individual/failed/mountain-tn.html.