First Tennessee Acquires 13 Branches In Middle And East Tennessee From Bank Of America

Thursday, May 29, 2014

First Tennessee Bank has agreed to purchase 13 branches and four remote ATMs from Bank of America. The banks expect the purchase of the branches in Middle and East Tennessee to close later this year following approval by regulators and satisfaction of customary closing conditions.

First Tennessee will add approximately $660 million of deposits at a deposit premium of 3.32 percent based on deposit balances near the time the transaction closes. First Tennessee is a subsidiary of First Horizon National Corp. (NYSE:FHN). 

Founded in 1864, First Tennessee is the country's 14th oldest national bank. "We are proud to have earned the trust and business of the people of Tennessee for 150 years, and we look forward to continuing that tradition in communities that are both new and familiar to us with this purchase," said Bryan Jordan, First Horizon's chairman and CEO. 

The branches are in communities in Middle and East Tennessee including Waverly, Columbia, Lawrenceburg, Lewisburg, Sparta, Rockwood, Greeneville, Kingston, Bristol, Johnson City and Kingsport. Some of the communities will be new for First Tennessee, which already has more than 170 financial centers in and around Tennessee. First Tennessee will hire all current branch employees when the purchase closes and take other steps to ensure smooth continuity of service for customers and these communities. In addition to the branches, First Tennessee will also acquire a small amount of loans as part of the transaction.


Get Emailed Headlines From Chattanoogan.com; Like Us On Facebook, Twitter For Instant News

We send out headlines each day of the latest Chattanooga news. Our news headlines have links that take you to the stories with a click. We also send out special emails if there is a highly significant local news story breaking so you will be aware of it quickly. To be added to the email headline list, just email us at news@chattanoogan.com In addition, like us on Facebook ... (click for more)

Jeffery Skarzinski Killed In Single-Vehicle Wreck On Birchwood Pike

Jeffery Skarzinski, 41,  of Harrison, was killed in a wreck on Birchwood Pike Tuesday night.   At approximately  9:20 p.m. , Hamilton County Sheriff's Office deputies responded to the 11500 block of Birchwood Pike for the report of a single-vehicle crash. Upon arrival, deputies found the driver of the vehicle deceased. No one else was in ... (click for more)

Prayers For Denny

I don’t live in Chattanooga any longer unfortunately and haven’t for many years now, but when I did live there, I was more than a regular at Yesterdays.  It was basically my second home….as it was for many, many of my friends and others that I may not have known their names, but definitely knew their faces.   It was the “Cheers” of Chattanooga. It was the place that ... (click for more)

Roy Exum: ‘No Sir -- It Stays Here’

To any of the millions who have served the United States on the field of combat, the most hallowed and prized distinction is our nation’s Medal of Honor. It is never given, it is always earned before it is ever awarded.  At least that’s the way it was up until a sun-splashed Wednesday three weeks ago in Vicenza, Italy. There is an Army base there that houses the 173 rd Airborne ... (click for more)

Lookouts Open Homestand Tuesday With 9-4 Win Over Birmingham

The last place Birmingham Barons fell victim to a six-run sixth inning uprising that lifted the first place Chattanooga Lookouts to Tuesday night's 9-4 win  -- their 24th win of the second half. The Lookouts have 12 wins at home and 12 wins on the road. Starting pitcher Stephen Gonsalves allowed just three hits over 5 2/3 innings. Gonsalves (7-3) allowed two runs while ... (click for more)

SEC Annouces Television Schedule For First Three Weeks Of 2017 Season

The SEC Office on Tuesday announced the start times for games on the SEC Network during the first three weeks of the 2017 season.   The SEC Network Saturday schedule opens with three games on September 2 .  The Network will air six games on the second week of the season and five games in Week 3.  The first Conference matchup of the year on the ... (click for more)