TNCC Tennessee Commerce Bancorp (TN) (MM)

Tennessee Commerce Bancorp, Inc. (NASDAQ:TNCC) announced today that it has issued $30 million of fixed rate cumulative perpetual preferred stock to the U.S. Treasury Department under the Capital Purchase Program. �Tennessee Commerce Bank has maintained a well capitalized position throughout its existence, and recognizes the opportunity provided by the U.S. Treasury to serve our customers in an even more substantive way in 2009,� stated Mike Sapp, President of Tennessee Commerce Bancorp, Inc. �The sale of the $30 million of preferred stock will play an important part in funding our business customers� needs in the coming year. The $30 million sale of preferred stock will increase our Tier 1 capital ratio to 11.89% from 9.01% and our total capital ratio to 13.06% from 10.18%, on a pro forma basis at September 30, 2008, and will be an important part of funding our continued loan growth into 2009.� In conjunction with the issuance of its senior preferred shares, Tennessee Commerce issued the U.S. Treasury a warrant to purchase 461,538 shares of Company common stock at $9.75 per share, which would represent an aggregate investment, if exercised, of $4,498,241 in Company common stock, or 15% of the senior preferred investment. About Tennessee Commerce Bancorp, Inc. Tennessee Commerce Bancorp, Inc. is the parent company of Tennessee Commerce Bank. The Bank provides a wide range of banking services and is primarily focused on business accounts. Its corporate and banking offices are located in Franklin, Tennessee, and it has loan�production offices in Birmingham, Alabama and Minneapolis. Tennessee Commerce Bancorp's�stock is traded on the NASDAQ Global Market under the symbol TNCC. Additional�information concerning Tennessee Commerce Bancorp can be accessed at www.tncommercebank.com.