First Horizon Gets Regulators' Approval to Buy TrustAtlantic in N.C.

Community banking

First Horizon in Tenn. Delays Closing of TrustAtlantic Deal

First Horizon National in Memphis, Tenn., is giving itself another two months to complete its purchase of TrustAtlantic Financial.

By Andy Peters

August 21
M&A

Lender Defections Complicated TrustAtlantic's Sale to First Horizon

First Horizon successfully lobbied for a lower exchange ratio for its purchase of TrustAtlantic in North Carolina after four commercial lenders left the seller to open an office for another bank.

By Paul Davis

January 28
M&A

First Horizon to Buy TrustAtlantic in N.C. for $80M

First Horizon National in Memphis, Tenn., has agreed to buy TrustAtlantic Financial in Raleigh, N.C.

By Paul Davis

October 22

First Horizon National in Memphis, Tenn., has received regulators' approval to acquire TrustAtlantic Financial, after it delayed the closing date.

The $25 billion-asset company said Thursday that the Federal Reserve Board, the Office of the Comptroller of the Currency and state regulators have all approved the deal. First Horizon now expects its acquisition of the $430 million-asset company to close in early October.

The holding company for First Tennessee Bank in August gave itself an additional two months to close the deal, without providing a reason for the delay. In January, First Horizon negotiated a lower exchange rate on its purchase of the Raleigh, N.C., company, after four commercial lenders left TrustAtlantic Bank.

The deal was first announced in November and initially had been expected to close by June 30.

First Horizon expects to convert TrustAtlantic's branches to First Tennessee Bank branches on Oct. 19.

Andy Peters

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