First Horizon National Corp. (NYSE:FHN), parent company of First Tennessee Bank, has completed its acquisition of Raleigh, N.C.-based TrustAtlantic Bank and its parent company, TrustAtlantic Financial Corp. TrustAtlantic's systems will be converted to First Tennessee's the weekend of Oct. 16, and the five TrustAtlantic branches – four in the Raleigh-Cary metro area and one in Greenville, N.C. – will open as First Tennessee branches Oct. 19.
"We are excited to complete this acquisition, which will enhance our ability to serve the growing Research Triangle region of North Carolina," said Bryan Jordan, chairman and CEO of First Horizon.
"We have a great team in North Carolina and the rest of our Mid-Atlantic region, and we'll build on that by welcoming TrustAtlantic employees and customers."
The new branches will expand convenience and enhance the products and services First Tennessee offers in these key North Carolina markets for commercial banking, commercial real estate, private client, wealth management, and retail customers.
"This combination of complementary businesses will benefit customers by giving them greater access to products, services and talented bankers," said John Fox, president of First Tennessee's Mid-Atlantic region.
TrustAtlantic Financial and its subsidiary, TrustAtlantic Bank, had approximately $430 million in total assets, $368 million in total deposits and $317 million in gross loans as of June 30.