First Horizon to Acquire 30 SunTrust Bank Branches
November 08 2019 - 5:03PM
Dow Jones News
By Kimberly Chin
First Horizon National Corp. (FHN) has agreed to acquire 30
branches from SunTrust Banks Inc. (STI), a move that would help
clear regulatory hurdles for the merger-of-equals deal between
SunTrust and BB&T Corp. (BBT).
The agreement will give First Horizon roughly $2.4 billion in
deposits. The bank-holding company will also purchase about $410
million in loans.
The acquired branches will help expand First Horizon's presence
in key markets in North Carolina, such as in Durham, Chapel Hill
and Winston-Salem, as well as in Virginia and Georgia.
First Horizon said it plans to keep all of SunTrust's current
employees when the transaction closes. The branches will operate
under the First Horizon Bank brand.
The transaction is expected to close in early 2020.
On Monday, First Horizon agreed to merge with IberiaBank Corp.
(IBKC) in a merger-of-equals transaction. The Memphis, Tenn., bank
said the branch acquisitions weren't related to this deal.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
November 08, 2019 16:48 ET (21:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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