FRANKLIN, Tenn. -
A Tennessee bank failed Friday and was closed by the FDIC.
Tennessee Commerce Bank in Franklin will reopen Monday as a Republic Bank and Trust branch.
All customers of Tennessee Commerce Bank will now become members of Republic Bank and Trust.
"It will be business as usual," said Eric Raines, a senior ombudsman specialist with the Federal Deposit Insurance Corporation.
"[Customers] will continue to bank as they have in the past. They will continue to use ATMs, make deposits, make withdrawals, make loan payments etcetera. It will be basically a seamless transaction," Raines explained.
The branch will become the first in Tennessee for Republic Bank and Trust.
The FDIC will continue to insure deposits for customers at the bank up to the legal limit.
When Tennessee Commerce closed, the FDIC reported it had approximately $1.185 billion in total assets and $1.156 billion in total deposits.
Tennessee Commerce is one of two banks in Tennessee to fail so far in 2012.
BankEast in Knoxville also failed Friday. The Knoxville bank was acquired by the U.S. Bank National Association on Friday.
The FDIC published detailed information about the failure Friday online.
