MEMPHIS, Tenn., Sept. 17, 2015 (GLOBE NEWSWIRE) -- First Horizon National Corp. (NYSE:FHN), parent company of First Tennessee Bank, will complete its acquisition of Raleigh-N.C.-based TrustAtlantic Bank and its parent company, TrustAtlantic Financial Corp., following approval by the Federal Reserve Board, the Office of the Comptroller of the Currency and state regulators. The acquisition expands First Tennessee's decade-long presence in North Carolina and is expected to close in early October.
"We look forward to welcoming the customers and employees of TrustAtlantic to the First Tennessee family," said Bryan Jordan, chairman and CEO of First Horizon. "Over the past decade First Tennessee has built a fantastic team of bankers who are earning business in the vibrant North Carolina market, and this acquisition adds talent to our team and will enhance our ability to grow in the exciting Research Triangle."
The five TrustAtlantic branches – four in the Raleigh-Cary metro area and one in Greenville, N.C. – will open as First Tennessee branches Oct. 19. The new branches will expand convenience and enhance the products and services First Tennessee offers in Raleigh and other North Carolina markets for commercial banking, commercial real estate, private client and wealth management customers.
TrustAtlantic Financial and its subsidiary, TrustAtlantic Bank, had approximately $430 million in total assets, $368 million in total deposits and $317 million in gross loans as of June 30.
"By combining the strengths of First Tennessee and TrustAtlantic, we see exciting opportunities," said Jim Beck, president and CEO of TrustAtlantic Financial. "This partnership will serve our customers, employees, shareholders and communities, so we're gratified that we are now set to complete this partnership." Beck will join the leadership team of First Tennessee's Mid-Atlantic region as Triangle market president, managing commercial banking and branch operations. Ken Reece, First Tennessee's current Raleigh market leader, will assume an expanded role managing private banking and wealth management in the region.
About First Horizon
The 4,300 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through more than 170 bank locations in and around Tennessee and 26 FTN Financial Group offices in the U.S. The company was founded during the Civil War in 1864 and has the 14th oldest national bank charter in the country. First Tennessee has one of the highest customer retention rates of any bank in the country, and FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. First Horizon has been recognized as one of the nation's best employers by Forbes, Working Mother and American Banker magazines. More information is available at www.FirstHorizon.com.
CONTACT: Investor Relations, Aarti Bowman, (901) 523-4017 Media Relations, Jack Bradley, (901) 523-4813
Source:First Horizon National Corporation