First Tennessee Bank closes on acquisition of restaurant franchise loans from GE Capital
September 19 2016 - 9:00AM
First Tennessee Bank, the regional bank of First Horizon National
Corp. (NYSE:FHN), announced today that it has completed its
previously announced acquisition of the Southeast and Southwest
regional loan portfolios of GE Capital’s restaurant franchise
finance business. The loans totaled approximately $535 million as
of close, down from the previously announced $637 million due to
amortization and additional principal payments related to normal
course of business activity.
The transaction is expected to be immediately accretive to First
Horizon’s earnings per share. The acquired loans will be combined
with existing First Tennessee relationships to establish a
restaurant franchise finance specialty lending business. The new
line of business will have approximately $750 million of
outstanding loans.
First Tennessee has hired Todd Jones to lead the franchise
finance team and added 10 others in new banking roles. Jones brings
more than a decade of experience in the franchise finance business,
most recently as senior managing director for brand management at
GE Capital Franchise Finance.
“The addition of Todd and his team of experienced bankers rounds
out our capabilities in this new specialty lending area,” said
David Popwell, president of banking for First Horizon. “We are
excited about this addition and look forward to serving our
customers, growing our relationships and further developing this
specialty lending area in the years ahead.”
About First Horizon
The 4,300 employees of First Horizon National Corp. (NYSE:FHN)
provide financial services through more than 160 bank locations
across Tennessee and the southern U.S. and 29 FTN Financial offices
across 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 the largest deposit market share in Tennessee
and one of the highest customer retention rates of any bank in the
country. 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 Working Mother and
American Banker. More information is available at
www.FirstHorizon.com.
FHN-G
CONTACT: First Horizon
Investor Relations, Aarti Bowman, (901) 523-4017
Media Relations, James Dowd, (901) 523-4305
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