First Horizon Bank, the banking subsidiary of First Horizon National, has completed the acquisition of 30 branches from SunTrust.
The branches were converted to First Horizon banking centres last weekend.
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The acquisition, first announced in November last year, adds $2.3bn in deposits and around $440m in loans to First Horizon Bank’s books.
Additionally, it bolsters the bank’s footprint in key growth markets of North Carolina, Virginia and Georgia.
Now, the company has around 500 branches across 12 states, following this transaction and the IBERIABANK merger.
SunTrust, now known as Truist, divested the branches to First Horizon Bank to fulfil certain regulatory requirements related to its merger with BB&T. The $66bn all-stock deal closed in December last year.
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By GlobalDataFirst Horizon chairman and CEO Bryan Jordan said: “Today marks another milestone for First Horizon as we continue to build a leading southern financial services organisation.
“In addition to our recent merger of equals with IBERIABANK, this transaction enhances our ability to serve clients and communities, accelerate growth and drive long-term shareholder value.
“Our associates have worked diligently to get us to this day, and I thank them for their tireless effort especially during these challenging times. We are excited to welcome our new associates and clients to the First Horizon family.”
Headquartered in Memphis, Tennessee, First Horizon National operates as a regional financial services company.
It boasts around $86bn in assets, $68bn in deposits and $59bn in loans.
