First Horizon National Corporation announced Friday that it completed its acquisition of Capital Bank Financial Corp. Effective Nov. 30, Capital Bank Financial merged into First Horizon, and its subsidiary, Capital Bank Corporation, merged into First Tennessee Bank National Association.
The merger brings together two financial institutions under the First Horizon family of companies and creates the fourth largest regional bank in the Southeast with approximately $40 billion in assets, $32 billion in deposits, $27 billion in loans and 350 branches in Tennessee, North Carolina, South Carolina, Florida, Mississippi, Georgia, Texas and Virginia.
“We are excited to complete the merger of First Horizon and Capital Bank Financial and expand the capabilities of our company,” said Bryan Jordan, chairman and CEO of First Horizon. “We are proud to merge the talented teams at First Tennessee and Capital Bank to create an even stronger regional bank that offers differentiated customer service and enhances our presence throughout our markets.”
First Horizon, which is headquartered in Memphis, will retain its First Tennessee Bank brand in Tennessee, where it has a 153-year history. Branches outside Tennessee market areas will use the Capital Bank name.
“We’re excited about this opportunity to be a part of the region’s most respected family of financial institutions with a history of exemplary customer service,” said Gene Taylor, chairman and CEO of Capital Bank Financial. “There’s no doubt that the strength and talent of these combined organizations propels us forward and enhances our capacity to deliver sophisticated, high-touch financial service.”
Mr. Taylor and Peter N. Foss, members of the Capital Bank Financial Board of Directors, have joined the First Horizon Board of Directors. Mr. Taylor also became vice chairman of First Horizon.
Barclays Capital Inc. and Morgan Stanley & Co. LLC served as financial advisors to First Horizon, and Sullivan & Cromwell LLP served as First Horizon’s legal advisor. Sandler O’Neill + Partners L.P. and UBS Investment Bank served as financial advisors to Capital Bank Financial, and Wachtell, Lipton, Rosen & Katz served as Capital Bank Financial’s legal advisor.