First Horizon National Corp. Completes Acquisition of Capital Bank Financial Corp.
December 01 2017 - 6:30AM
First Horizon National Corporation (NYSE:FHN) announced today that
it completed its acquisition of Capital Bank Financial Corp.
(“Capital Bank Financial”). Effective November 30, 2017, Capital
Bank Financial merged into First Horizon, and its subsidiary,
Capital Bank Corporation, merged into First Tennessee Bank National
Association.
The merger brings together two respected financial institutions
under the First Horizon family of companies and creates the fourth
largest regional bank in the Southeast with approximately $40
billion in assets, $32 billion in deposits, $27 billion in loans
and 350 branches in Tennessee, North Carolina, South Carolina,
Florida, Mississippi, Georgia, Texas and Virginia.
“We are excited to complete the merger of First Horizon and
Capital Bank Financial and expand the capabilities of our company,”
said Bryan Jordan, chairman and CEO of First Horizon. “We are proud
to merge the talented teams at First Tennessee and Capital Bank to
create an even stronger regional bank that offers differentiated
customer service and enhances our presence throughout our
markets.”
First Horizon, which is headquartered in Memphis, will retain
its First Tennessee Bank brand in Tennessee, where it has a
153-year history. Branches outside Tennessee market areas will use
the Capital Bank name.
“We’re excited about this opportunity to be a part of the
region’s most respected family of financial institutions with a
history of exemplary customer service,” said Gene Taylor, chairman
and CEO of Capital Bank Financial. “There’s no doubt that the
strength and talent of these combined organizations propels us
forward and enhances our capacity to deliver sophisticated,
high-touch financial service.”
Taylor and Peter N. Foss, members of the Capital Bank Financial
Board of Directors, have joined the First Horizon Board of
Directors. Taylor also became vice chairman of First Horizon.
Barclays Capital Inc. and Morgan Stanley & Co. LLC served as
financial advisors to First Horizon, and Sullivan & Cromwell
LLP served as First Horizon’s legal advisor. Sandler O’Neill +
Partners L.P. and UBS Investment Bank served as financial advisors
to Capital Bank Financial, and Wachtell, Lipton, Rosen & Katz
served as Capital Bank Financial’s legal advisor.
About First Horizon
First Horizon National Corp. (NYSE:FHN) provides financial
services through its First Tennessee, Capital Bank, FTB Advisors,
and FTN Financial businesses. First Horizon operates 350 bank
locations across the southern U.S. and 28 FTN Financial offices
across the entire U.S. Our banking subsidiary was founded in
1864 and has the 14th oldest national bank charter in the country.
Our First Tennessee and Capital Bank brands have the largest
deposit market share in Tennessee and one of the highest customer
retention rates of any bank in the country. We have been ranked by
American Banker as No. 5 among the Top 10 Most Reputable U.S.
Banks. Our FTB Advisors wealth management group has more than 300
financial advisors and about $30 billion in assets under
administration. FTN Financial is a capital markets industry leader
in fixed income sales, trading and strategies for institutional
customers in the U.S. and abroad. We have been recognized as one of
the nation’s best employers by Working Mother and American Banker
magazines and the National Association for Female Executives. More
information is available at www.FirstHorizon.com.
Forward-Looking Statements
This release 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 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; actions of
regulators and agencies and changes in applicable laws and
regulations; pending, threatened, or possible future regulatory,
administrative, and judicial outcomes, actions, and proceedings;
current or future Executive orders; the possibility that the
anticipated benefits of the transaction will not be realized when
expected or at all; 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 transaction; First Horizon’s
success in executing its business plan and strategies and managing
the risks involved in the foregoing; and other factors that may
affect future results of First Horizon.
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.
FHN-G
CONTACT: First Horizon
Investor Relations, Aarti Bowman, (901) 523-4017
Media Relations, James Dowd, (901) 523-4305
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