First Horizon National (FHN) in Memphis, Tenn., has agreed to buy 13 branches from Bank of America (BAC).
The $24 billion-asset company said in a press release Wednesday that it will also buy four remote ATMs and a "small amount" of loans. First Horizon will also pay a 3.32% premium for $660 million in deposits at the branches, which are located in middle and east Tennessee. The company expects to complete the acquisition later this year.
"We are proud to have earned the trust and business of the people of Tennessee for 150 years, and we look forward to continuing that tradition in communities that are both new and familiar to us with this purchase," Bryan Jordan, First Horizon's chairman and chief executive, said in the release.
First Horizon said it will hire all current branch employees when the purchase closes and "take other steps to ensure smooth continuity of service for customers."
