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State Takes Possession of BankEast (Tennessee)
Knoxville lender BankEast was taken over by the state of Tennessee late today.
In a notice posted on the door of the bank's downtown headquarter shortly after 6 p.m., the state Department of Financial Institutions took possession of the financially strapped lender.
Titled "Notice of Possession of BankEast," the state's announcement said: "The commissioner of the Tennessee Department of Financial Institutions hereby gives notice...he is taking possession of BankEast as of 6 p.m."
The notice was signed by Greg Gonzales, commissioner of Tennessee's Department of Financial Institution.
More details as they develop online and in Saturday's News Sentinel.
http://www.knoxnews.com/news/2012/jan/27/states-takes-possession-bankeast/
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