VOL. 129 | NO. 104 | Thursday, May 29, 2014
First Tennessee Buys 13 Bank of America Branches
By Andy Meek
First Tennessee has reached an agreement to buy 13 branches and four remote ATMs from Bank of America.
The banks expect the deal, which includes branches in Middle and East Tennessee, to close later this year following approval by regulators and the satisfaction of customary closing conditions. The deal will add $660 million in deposits to First Tennessee.
Some of the communities will be new for First Tennessee, which already has more than 170 financial centers in and around the state. First Tennessee also said it plans to hire all current branch employees when the deal closes and that it will take other steps to ensure smooth continuity of service for customers and the communities.
In addition to the branches, First Tennessee will also acquire a small amount of loans as part of the transaction.