First Tennessee Bank said today it will buy 13 branches and four remote automatic teller machines from Bank of America in Middle and East Tennessee.
The bank branches will transfer to First Tennessee more than $660 million in bank deposits when the purchase is completed later this year.
The Bank of America branches being acquired are in 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 officials said they 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.
Founded in 1864, First Tennessee is the country's 14th oldest national bank and the biggest bank in metropolitan Chattanooga with more than $1.5 billion of assets in the Chattanooga market.
"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, chairman and CEO of the parent company of First Tennessee Bank, First Horizon Corp.
Dave Flessner is the business editor for the Times Free Press. A journalist for 35 years, Dave has been business editor and projects editor for the Chattanooga Times Free Press, city editor for The Chattanooga Times, business and county reporter for the Chattanooga Times, correspondent for the Lansing State Journal and Ingham County News in Michigan, staff writer for the Hastings Daily Tribune in Nebraska, and news director for WCBN-FM in Michigan. Dave, a native ...