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VOL. 132 | NO. 89 | Thursday, May 4, 2017

First Horizon Buying North Carolina Bank for $2.2 Billion

By Andy Meek

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The parent company of First Tennessee Bank is buying Charlotte, North Carolina-based Capital Bank Financial Corp., a $10 billion institution that will create the fourth-largest regional bank in the Southeast.

First Horizon National Corp. is acquiring Capital Bank under terms of the $2.2 billion deal, which will accelerate First Horizon's strategic plan to enhance its presence in fast-growing markets in the Southeast.

Pending customary closing conditions, the deal is expected to close in the fourth quarter.

Branches outside Tennessee will use the Capital Bank name.

First Horizon operates 170 branches across Tennessee and the Southeast, and Capital Bank operates 193 branches in the Carolinas, Tennessee, Florida and Virginia.

First Horizon chairman and CEO Bryan Jordan described the deal as “strategic and compelling” in a presentation to analysts, adding, “We think this greatly enhances our growth profile.”

The combined organization will have $40 billion in assets, $32 billion in deposits, $27 billion in loans and more than 300 branches in Tennessee, North Carolina, South Carolina, Florida, Mississippi, Georgia, Texas and Virginia.

The acquisition agreement calls for two members of Capital Bank's board of directors to join the First Horizon board, including Capital Bank chairman and CEO Gene Taylor, who will become vice chairman of First Horizon.

The deal has been approved by the boards of both companies, and closing is subject to approvals by regulators and shareholders of both companies.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
FORECLOSURE NOTICES 8 52 151
BUILDING PERMITS 158 699 2,751
BANKRUPTCIES 37 157 618
BUSINESS LICENSES 12 77 276
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0