Regional Banks Renasant, TBK Flag Exposure to Bankrupt Tricolor

Renasant Bank and TBK Bank separately disclosed in filings Thursday that they each have outstanding loans to bankrupt subprime auto lender Tricolor Holdings.

• Renasant Corp. said its subsidiary Renasant Bank has $22.5 million outstanding as part of a loan facility to Tricolor, according to a filing Thursday
  • The loan was performing, but has been placed on non-accrual as of Wednesday, after Tricolor filed for bankruptcy and said it plans to liquidate
  • The bank said the outstanding debt is primarily secured by liens on Tricolor’s used car inventory
  • Renasant “is currently taking steps to assess and secure its collateral and ...