On May 4, 2017, First Horizon National Corporation
(“
First Horizon
”) and Capital Bank Financial Corp. (“
Capital Bank
”) issued a joint press
release announcing the execution of an agreement and plan of merger, dated May 3, 2017, between First Horizon, Capital Bank and
Firestone Sub, Inc., a Delaware corporation and direct wholly-owned subsidiary of First Horizon, pursuant to which and on the terms
and subject to the conditions set forth therein, Capital Bank will merge with and into First Horizon, with First Horizon as the
surviving corporation in the merger. First Horizon also provided supplemental information regarding the proposed transaction in
connection with a presentation to investors. A copy of the joint press release is attached hereto as Exhibit 99.1 and a copy of
the investor presentation is attached hereto as Exhibit 99.2, both of which are incorporated herein by reference.
* * *
Forward-Looking Statements
This Current Report on Form 8-K contains certain “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to our beliefs, plans,
goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead
pertain to future operations, strategies, financial results or other developments. The words “believe,” “expect,”
“anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,”
“going forward,” and other expressions that indicate future events and trends identify forward-looking statements.
Forward-looking statements are necessarily based upon estimates
and assumptions that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies,
many of which are beyond the control of First Horizon and Capital Bank, and many of which, with respect to future business decisions
and actions, are subject to change. Examples of uncertainties and contingencies include, among other important factors: global,
general, and local economic and business conditions, including economic recession or depression; expectations of and actual timing
and amount of interest rate movements, including the slope and shape of the yield curve, which can have a significant impact on
a financial services institution; market and monetary fluctuations, including fluctuations in mortgage markets; inflation or deflation;
customer, investor, competitor, regulatory, and legislative responses to any or all of these conditions; demand for First Horizon’s
and Capital Bank’s product offerings; the actions of the Securities and Exchange Commission (SEC), the Financial Accounting
Standards Board (FASB), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System
(Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), the Financial Industry Regulatory Authority (FINRA), the U.S.
Department of the Treasury (Treasury), the Municipal Securities Rulemaking Board (MSRB), the Consumer Financial Protection Bureau
(CFPB), the Financial Stability Oversight Council (Council), the Public Company Accounting Oversight Board (PCAOB), and other regulators
and agencies, including in connection with the regulatory approval process associated with the merger; pending, threatened,
or possible future regulatory, administrative, and judicial outcomes, actions, and proceedings; current or future Executive orders;
changes in laws and regulations applicable to First Horizon and Capital Bank; the possibility that the proposed transaction will
not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions
to the closing are not satisfied on a timely basis or at all; the possibility that the anticipated benefits of the transaction
will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration
of the two companies or as a result of the strength of the economy and competitive factors in the areas where First Horizon and
Capital Bank do business; the possibility that the transaction may be more expensive to complete than anticipated, including
as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and
opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from
the announcement or completion of the transaction; First Horizon’s and Capital Bank’s success in executing their
respective business plans and strategies and managing the risks involved in the foregoing; and other factors that may affect future
results of First Horizon and Capital Bank.
Additional factors that could cause results to differ materially
from those contemplated by forward-looking statements can be found in First Horizon’s Annual Report on Form 10-K for the
year ended December 31, 2016 and in its subsequent Quarterly Reports on Form 10-Q filed with the SEC and available in the “Investor
Relations” section of First Horizon’s website, http://www.firsthorizon.com, under the heading “SEC Filings”
and in other documents First Horizon files with the SEC, and in Capital Bank’s Annual Report on Form 10-K for the year ended
December 31, 2016 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2017, filed with
the SEC and available in the “Investor Relations” section of Capital Bank’s website, https://www.capitalbank-us.com/,
under the heading “Financials & Filings” and in other documents Capital Bank files with the SEC.
Important Other Information
In connection with the proposed transaction, First Horizon
will file with the SEC a Registration Statement on Form S-4 that will include a Joint Proxy Statement of First Horizon and
Capital Bank and a Prospectus of First Horizon, as well as other relevant documents concerning the proposed transaction. The
proposed transaction involving First Horizon and Capital Bank will be submitted to First Horizon’s shareholders and
Capital Bank’s stockholders for their consideration. This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any vote or approval. SHAREHOLDERS OF FIRST HORIZON AND
STOCKHOLDERS OF CAPITAL BANK ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING
THE TRANSACTION WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain a free
copy of the definitive joint proxy statement/prospectus, as well as other filings containing information about First Horizon
and Capital Bank, without charge, at the SEC’s website (http://www.sec.gov). Copies of the joint proxy
statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy
statement/prospectus can also be obtained, without charge, by directing a request to Clyde A Billings, Jr., First Horizon
National Corporation, 165 Madison, 8
th
Floor, Memphis, TN 38103, telephone (901) 523-5679, or Kenneth A. Posner,
Capital Bank Financial Corp.,1345 Avenue of the Americas, Suite 2-087, New York, NY 10105, telephone (212) 399-4020.
Participants in the Solicitation
First Horizon, Capital Bank, and certain of their respective directors,
executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction.
Information regarding First Horizon’s directors and executive officers is available in its definitive proxy statement, which
was filed with the SEC on March 13, 2017, and certain of its Current Reports on Form 8-K. Information regarding Capital Bank’s
directors and executive officers is available in its definitive proxy statement, which was filed with SEC on April 28, 2017, and
certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description
of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus
and other relevant materials filed with the SEC. Free copies of this document may be obtained as described in the preceding paragraph.