Community banking

First Horizon in Tenn. Delays Closing of TrustAtlantic Deal

By Andy Peters August 21, 2015, 4:23 p.m. EDT 1 Min Read

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First Horizon to Buy TrustAtlantic in N.C. for $80M

First Horizon National in Memphis, Tenn., has agreed to buy TrustAtlantic Financial in Raleigh, N.C.

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First Horizon National in Memphis, Tenn., is giving itself another two months to complete its purchase of TrustAtlantic Financial.

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The $25 billion-asset First Horizon now expects to close its acquisition of the Raleigh, N.C., company by Oct. 21, according to a regulatory filing Friday. That means the deal could close four months later than initially expected: the deal was first announced on Oct. 21 and was expected to close by June 30.

First Horizon did not provide a reason for the delay.

The holding company for First Tennessee Bank had already made another significant change to the agreement. In December, First Horizon negotiated a lower exchange ratio, after four commercial lenders left the $453 million-asset TrustAtlantic to open an office for HomeTrust Bancshares.

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