First Horizon in Tenn. Delays Closing of TrustAtlantic Deal

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

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.