First Horizon National in Memphis, Tenn., has received regulators' approval to acquire TrustAtlantic Financial, after it delayed the closing date.
The $25 billion-asset company said Thursday that the Federal Reserve Board, the Office of the Comptroller of the Currency and state regulators have all approved the deal. First Horizon now expects its acquisition of the $430 million-asset company to close in early October.
The holding company for First Tennessee Bank in August gave itself an additional two months to close the deal, without providing a reason for the delay. In January, First Horizon negotiated a lower exchange rate on its purchase of the Raleigh, N.C., company, after four commercial lenders left TrustAtlantic Bank.
The deal was first announced in November and initially had been expected to close by June 30.
First Horizon expects to convert TrustAtlantic's branches to First Tennessee Bank branches on Oct. 19.