A unit of First Horizon National in Memphis, Tenn., has agreed to buy Coastal Securities, a Houston firm that trades, securitizes and analyzes Small Business Administration loans.

The $28.4 billion-asset First Horizon said in a press release Thursday that FTN Financial will also gain a business that deals in Department of Agriculture loans and fixed-income products and provides municipal underwriting and advisory services. The price was not disclosed.

First Horizon said the deal should be immediately accretive to its earnings per share, return on tangible common equity and return on assets.

 

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