Tennessee Commerce Bancorp makes $3.2M in stock sale

Franklin-based Tennessee Commerce Bancorp Inc. made $3.2 million selling 903,394 shares of stock in a stock sale that ended Friday, slightly less than the $3.4 million it had estimated. The price was $3.63 per share.
The banking company said the money will be used for general corporate purposes and will improve the company's liquidity. Chief financial officer Frank Perez said regulators had not asked for the capital raise and the money will not be used to cover operating losses.

The bank, which focuses on business loans, lost $8.4 million during the first nine months of the year but is well capitalized by regulatory standards.

— NAOMI SNYDER

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