First Horizon to Acquire 30 SunTrust Bank Branches

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 [e-mail]

(END) Dow Jones Newswires

November 08, 2019 16:48 ET (21:48 GMT)

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