State and federal regulators who closed five Tennessee banks last Friday are threatening to shut down as many as five more during the next two weeks, the Tennessean newspaper reported.
The newspaper said some of the additional banks are affiliated with the crumbling banking network of brothers Jake Butcher and C.H. Butcher. Of the five banks closed Friday, C.H. Butcher owned three. The five banks that folded Friday will open under new management today (May 31).