Tennessee Commerce Bank Franklin Tennessee

This is Michael Sapp, he took $30,000,000 of tax payer money which he can’t pay back

Michael was able to get his bank on the problem bank list

Michael’s bank is one of the worst capitalized banks in the country, with tier 1 capital of .95% . This place is bankrupt 

Michael makes $727,000 a year to bankrupt this place


This guy took $30MM of you tax payer money, which he can’t pay bank

He gets paid $727K to bankrupt this place, this is one of the worst banks in the country, this place is bankrupt

Who is the Sapp Michael or  the taxpayer , this fat cat is not hungry, he has 3 chins

This is H Lamar Cox, this pencil neck geek took $30,000,000 of tax payer money and gets paid $640,000 to bankrupt this place

Why is this dope smiling, because he is stealing your money

Lamar Cocks, this guy looks like a child molester

Having a name of Cocks doesn’t help

Tennessee Commerce Bank Franklin Tennessee was founded in 2000.  The company took $30MM in tax payer funded bailout money, which it won’t pay back.  They have recently entered into a consent order with the regulators, putting them on the problem bank list.

They lost $116MM in Q3 2011 whereby, wiping out the equity from $124MM to $11MM or 1,027% in only 90 days.

The tier 1 capital is .95%, which is considered critically under capitalized.

This is Doug Rogers, this bald headed clown made $947,000, while he took $30,000,000 and ran this bank into the ground

Gotta love that savvy mustache. 

Assets are $1.5B with supposed equity of $11MM.

The actual equity is ($19MM), as the $30MM in tax payer money is debt not preferred stock

Martin Zorn makes $663,00 to steal $30,000,000 from the tax payer

Martin should be in jail

The problem loan situation is incredible.  They have $140MM in problem loans

Having $94MM in problem loans and ($19MMM) in equity, is a serious problem.

This bank is bankrupt.

Why isn’t this place shut down

Why aren’t they on the problem bank list?

Net income was $1.9MM in FY10 and ($7MM) in FY09.

How are they going to pay back the tax payer $30MM?  It is pretty obvious that they can’t.

They might not be paying back the tax payer however, the executives have no problem paying themselves.

Michael Sapp      made $727k

Frank Perez          made $503k

H Lamar Cox        made $640k

Charles Rogers    made $947k

Martin Zorn          made $663k

That is great pay for running this bank into the ground.

Michael Sapp, you pay yourself $727k for wiping out the bank and the shareholders, taking tax payer money and not paying it back. You have it made.

Hey Michael Sapp, where is the tax payers $30MM you took?

This is the tax payer trying to recover the $30,000,000 from Michael Sapp

This management team pays themselves well for bankrupting this place in record time.

Do you have money in this disaster?

You must be a Sapp.

Tennessee Commerce Bank announced today to investors that it has identified an additional $14.8 million in losses and would set aside more money to guard against bad loans as it undergoes a “forensic review” of its financial history.

The company (Nasdaq:TNCC), which is parent to Franklin-based Tennessee Commerce Bank, has been searching for capital after disclosing that it was “critically undercapitalized” by federal standards. Management previously said the bank’s second quarter 2011 earnings report was unreliable as the company and regulators re-examine its loan portfolio, and the forensic review calls into question other previous results.

“Further write-downs may occur as a result of the ongoing forensic review,” the company said. “At this time, however, the corporation is unable to determine which periods may be further impacted or extent of any such impact.”

The $14.8 million charge-off came in the bank’s “small-ticket specialized equipment portfolio,” the company said. That portfolio is also the subject of the forensic review.

In addition to the loss, the bank has set aside $14.2 million in additional reserves in its small-ticket, real estate and commercial and industrial portfolios. That money guards against potential losses for the bad loans.

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