×

U.S. Fed approves bid by First Horizon to buy Capital Bank

WASHINGTON, Oct 30 (Reuters) - The Federal Reserve announced on Monday it had approved a bid by First Horizon National Corporation to acquire Capital Bank Financial Corp of Charlotte, as the regional bank looks to expand its presence in the U.S. southeast.

The $2.2 billion deal, first announced in May, also allows First Horizon of Memphis to indirectly acquire Capital Bank's subsidiary, Capital Bank Corp of Raleigh.

The Federal Reserve Board signed off on the acquisition in a unanimous 4-0 vote. (Reporting by Pete Schroeder; Editing by Chris Reese)