Apex Bank in Tenn. to buy two branches from Capital Bank
Apex Bank in Camden, Tenn., has agreed to buy two banks in Tennessee from Capital Bank Financial in Charlotte, N.C.
The $517 million-asset Apex will buy two locations in Greeneville, along with $34 million in deposits and $2.5 million in loans.
The price was not disclosed. First Horizon in Memphis, Tenn., which announced earlier this year that it was buying Capital, agreed to the branch divestiture as part of a pact with the Justice Department and the Federal Reserve.
Apex said in a press release Friday that it expects to retain all branch employees when the deal closes.
Barclays Capital and Sullivan & Cromwell advised First Horizon. Wachtell Lipton Rosen & Katz advised Capital.