First Horizon in Tenn. Delays Closing of TrustAtlantic Deal

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
Community banking

HomeTrust Hires PNC Banker to Lead Mortgage Lending

HomeTrust Bancshares in Asheville, N.C., has hired PNC Financial Services Group banker Kristin Powell as co-director of mortgage lending.

By Tanaya Macheel

July 22

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

The $25 billion-asset First Horizon now expects to close its acquisition of the Raleigh, N.C., company by Oct. 21, according to a regulatory filing Friday. That means the deal could close four months later than initially expected: the deal was first announced on Oct. 21 and was expected to close by June 30.

First Horizon did not provide a reason for the delay.

The holding company for First Tennessee Bank had already made another significant change to the agreement. In December, First Horizon negotiated a lower exchange ratio, after four commercial lenders left the $453 million-asset TrustAtlantic to open an office for HomeTrust Bancshares.

Andy Peters

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