The details
FIRST HORIZON CORP. Headquarters: MemphisBank name: First Tennessee BankAssets: $29 billionNo. of bank offices: 170 branchesStaff: 4,300 employees2016 net income: $220.8 millionLocal presence: First Tennesee is the biggest bank in Chattanooga with over $2.2 billion in local officesCAPITAL BANK FINANCIALHeadquarters: Charlotte, N.C.Bank name: Capital BankAssets: $9.9 billion2016 net income: $58.2 millionStaff: 1,800No. of branches: 193Local presence: Capital Bank operates 58 branches in East and Middle Tennessee, including an office in Athens and Niota, Tenn.
Biggest banks in the Southeast
1. Bank of America, Charlotte, N.C.2. BB& T, Winsston-Salem, N.C.3. SunTrust, Atlanta4. Regions, Birmingham, Ala.5. First Horizon*, Memphis* Following the merger with Capital Bank FinancialSource: FDIC ranking by assets
The First Tennessee Bank building is located between Market and Broad Streets in downtown Chattanooga.
Tennessee’s biggest bank is buying a North Carolina chartered bank to grow into one of the biggest regional banks in the Southeast with offices across five states.
First Horizon Corp., the parent company of First Tennessee Bank, announced Thursday it will pay $2.2 billion to acquire Capital Bank Financial Corp., headquartered in Charlotte, N.C., to create the fifth biggest bank headquartered in the Southeast.
Following the merger, which is expected to be completed in the fourth quarter of 2017, First Tennessee bank will retain its brand in Tennessee, but branches outside Tennessee will use the Capital Bank name.