First Horizon National (FHN) to Acquire 30 Branches from SunTrust Bank (STI)
- S&P 500 hits 2023 closing high as Powell strengthens peak rate bets
- Santa will continue to deliver - Stock Trader's Almanac
- 5 Tesla analysts weigh in as Tesla stock lags after Cybertruck updates
- Shares climb, dollar falls with Fed comments inspiring dovish bets
- Ulta Beauty lifts guidance after Q3 results beat estimates
First Horizon National Corp. (NYSE: FHN), SunTrust Banks, Inc. (NYSE: STI) and BB&T Corporation (NYSE: BBT) today announced that First Horizon Bank has entered into an agreement to acquire 30 branches from SunTrust Bank. As part of the agreement, First Horizon will assume approximately $2.4 billion in deposits for a deposit premium of 3.40 percent, and will purchase approximately $410 million in loans. The branch acquisition enhances the company’s presence in key growth markets such as Durham, Chapel Hill and Winston-Salem, North Carolina, as well as extends its banking footprint into additional attractive markets in Virginia and Georgia.
“First Horizon is excited to welcome new employees and customers to our family,” said Bryan Jordan, First Horizon’s Chairman and CEO. “We are proud of the tradition of trust we have earned for more than 155 years and look forward to working with BB&T and SunTrust to design a seamless onboarding experience.”
The branches are being divested to satisfy regulatory requirements in connection with the previously announced merger of equals between SunTrust and BB&T. The divestiture is expected to close in early 2020, subject to regulatory approval and other customary closing conditions. First Horizon expects to retain all current SunTrust employees in the acquired branches when the transaction closes. SunTrust and First Horizon will communicate with customers during the transition to ensure smooth continuity of service.
“First Horizon is recognized in the industry for its outstanding customer service and commitment to a positive culture,” said SunTrust Chairman and CEO Bill Rogers. “We are pleased to have found a buyer that will retain the jobs of talented teammates and continue to foster the strong client relationships we have established in these branches.”
Kelly King, BB&T Chairman and CEO added, “This announcement marks another significant and required step toward the merger of equals between BB&T and SunTrust. We look forward to working with First Horizon to ensure a smooth transition for these branch teams and clients.”
These branch acquisitions are unrelated to First Horizon’s recent announcement of a merger of equals with IBERIABANK. The acquired bank branches will operate under the First Horizon Bank brand.
For more information, please see related investor materials posted at: https://www.firsthorizon.com/investor-relations.
List of branches in transaction:
Winston-Salem, NC Fed Banking MarketMedical Park, 2006 S. Hawthorne Rd., Winston-Salem, NC 27103 Mocksville Yadkinville Road, 880 Yadkinville Rd., Mocksville, NC. 27028Yadkinville State Street, 200 S. State St., Yadkinville, NC 27055Reynolda Road, 2801 Reynolda Rd., Winston-Salem, NC 27106Hillsdale, 5361 US Highway 158 Advance, NC 27006Walkertown Main, 2820 Old Hollow Rd., Walkertown, NC 27051First Stratford, 101 South Stratford Rd., Winston-Salem, NC 27104Kernersville, 1000 S. Main St., Kernersville, NC 27284Ogburn Station, 4306 N. Liberty St., Winston-Salem, NC 27105 Durham-Chapel Hill, NC Banking MarketSouth Square, 4235 University Drive, Durham, NC 27707Triangle Park, 2008 East NC Highway 54, Durham, NC 27713Croasdaile, 1821 Hillandale Rd., Durham, NC 27705Riverview, 5112 N. Roxboro Rd., Durham, NC 27704Northgate Mall, 1516 N. Gregson St., Durham, NC 27701Bethesda Point, 1611 S. Miami Blvd., Durham, NC 27703University Mall, 201 South Estes Dr, Chapel Hill, NC 27514West Franklin, 126 West Franklin Street, Chapel Hill, NC 27516Hillsborough Central, 260 S. Churton St., Hillsborough, NC 27278Pittsboro, 88 Hillsboro St. Pittsboro, NC 27312South Madison Boulevard, 207 S. Madison Blvd., Roxboro, NC 27573 Roanoke, VA Fed Banking MarketSmith Mountain Lake, 13264 Booker T Washington Hwy., Hardy, VA 24101Main & Court, 260 S. Main St., Rocky Mount, VA 24151
Martinsville, VA Banking MarketCollinsville, 3000 Virginia Ave, Collinsville, VA 24078 Village of Martinsville, 250 Commonwealth Blvd., W. Martinsville, VA 24112 Patrick County, 114 W. Blue Ridge St., Stuart, VA 24171
Eastern Shore, VA-MD Banking MarketOnancock, 62 Market St., Onancock, VA 23417Cheriton, 21263 Lankford Hwy., Cape Charles, VA 23310 South Boston, VA Fed Banking MarketSouth Boston, 410 Main St., South Boston, VA 24592
Wayne County, GA Fed Banking MarketJesup, 175 S. Macon St., Jesup, GA 31545
Lumpkin County, GA Fed Banking MarketDahlonega Main, 111 S Chestatee St., Dahlonega, GA 30533
Morgan Stanley & Co. LLC served as financial advisor and Baker, Donelson, Bearman, Caldwell & Berkowitz, PC served as legal counsel to First Horizon for the purchase. RBC Capital Markets and SunTrust Robinson Humphrey served as financial advisors and Wachtell, Lipton, Rosen & Katz and Sullivan & Cromwell served as legal counsel to BB&T and SunTrust in this transaction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- LianBio (LIAN) Confirms Receipt of Unsolicited Proposal from Concentra Biosciences
- Xos, Inc (XOS) Announces 1-for-30 Reverse Stock Split
- Cosmos Health (COSM) Announces Patent Filing for its Obesity and Weight Management Product
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Related EntitiesMorgan Stanley, RBC Capital, SunTrust Robinson Humphrey, BB&T Capital Markets, FDIC, Earnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!