First Horizon National acquired Capital Bank Financial. Effective November 30, 2017, Capital Bank Financial merged into First Horizon, and its subsidiary, Capital Bank, merged into First Tennessee Bank.
The merger brought both institutions under the First Horizon family of companies and created 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.”
Memphis-based First Horizon 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.
“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,” said Gene Taylor, chairman and CEO of Capital Bank Financial.
Taylor and Peter N. Foss, members of the Capital Bank Financial board of directors, will join the First Horizon board. Taylor will also became vice chairman of First Horizon.
Barclays Capital and Morgan Stanley served as financial advisors to First Horizon, with Sullivan & Cromwell serving as its legal advisor. Sandler O’Neill + Partners and UBS Investment Bank acted as financial advisors to Capital Bank Financial, while Wachtell, Lipton, Rosen & Katz acted as legal advisor.