First Horizon Completes Acquisition of 30 SunTrust now Truist Branches

Rhea-AI Summary

First Horizon National Corp. (NYSE:FHN) has completed the acquisition of 30 branches from SunTrust, now Truist, enriching its footprint in growth markets like North Carolina, Virginia, and Georgia. The transaction adds about $440 million in loans and $2.3 billion in deposits, furthering First Horizon's goal of enhancing service capabilities and long-term shareholder value. The branches converted to First Horizon banking centers over the weekend of July 17-19, 2020. Following this and the IBERIABANK merger, the company now operates nearly 500 banking centers across 12 states.

Positive

• Acquisition enhances presence in key growth markets including North Carolina, Virginia, and Georgia.
• Transaction adds approximately $440 million in loans and $2.3 billion in deposits.
• Increases operational scale with nearly 500 banking centers across 12 states.

Negative

• None.

MEMPHIS, Tenn., July 20, 2020 (GLOBE NEWSWIRE) -- First Horizon National Corp. (NYSE:FHN) today announced First Horizon Bank’s completion of the acquisition of 30 branches from SunTrust now Truist. The transaction, which adds approximately $440 million in loans and $2.3 billion in deposits, further enhances the bank’s presence in key growth markets such as Durham, Chapel Hill and Winston-Salem, North Carolina, and extends its banking footprint into additional attractive markets in Virginia and Georgia. 

“Today marks another milestone for First Horizon as we continue to build a leading southern financial services organization,” said President and CEO Bryan Jordan. “In addition to our recent merger of equals with IBERIABANK, this transaction enhances our ability to serve clients and communities, accelerate growth and drive long-term shareholder value. Our associates have worked diligently to get us to this day, and I thank them for their tireless effort especially during these challenging times. We are excited to welcome our new associates and clients to the First Horizon family.”
                                                                                                                 
The acquired branches were converted to First Horizon banking centers over the weekend of July 17-19, 2020. Including this transaction and the IBERIABANK merger, on a combined basis as of June 30, 2020, the Company had nearly 500 banking centers in 12 states, with approximately $86 billion in assets, $68 billion in deposits and $59 billion in loans.

Additional information can be found at https://www.firsthorizon.com/SunTrustwelcome.
List of branches in transaction:

Winston-Salem, NC Fed Banking Market
Medical Park, 2006 S. Hawthorne Rd., Winston-Salem, NC 27103
Mocksville Yadkinville Road, 880 Yadkinville Rd., Mocksville, NC 27028
Yadkinville State Street, 200 S. State St., Yadkinville, NC 27055
Reynolda Road, 2801 Reynolda Rd., Winston-Salem, NC 27106
Hillsdale, 5361 US Highway 158, Advance, NC 27006
Walkertown Main, 2820 Old Hollow Rd., Walkertown, NC 27051
First Stratford, 101 South Stratford Rd., Winston-Salem, NC 27104
Kernersville, 1000 S. Main St., Kernersville, NC 27284
Ogburn Station, 4306 N. Liberty St., Winston-Salem, NC 27105
                                                                       
Durham-Chapel Hill, NC Fed Banking Market
South Square, 4235 University Drive, Durham, NC 27707
Triangle Park, 2008 East NC Highway 54, Durham, NC 27713
Croasdaile, 1821 Hillandale Rd., Durham, NC 27705
Riverview, 5112 N. Roxboro Rd., Durham, NC 27704
Northgate Mall, 1516 N. Gregson St., Durham, NC 27701
Bethesda Point, 1611 S. Miami Blvd., Durham, NC 27703
University Mall, 201 South Estes Dr, Chapel Hill, NC 27514
West Franklin, 126 West Franklin Street, Chapel Hill, NC 27516
Hillsborough Central, 260 S. Churton St., Hillsborough, NC 27278
Pittsboro, 88 Hillsboro St. Pittsboro, NC 27312
South Madison Boulevard, 207 S. Madison Blvd., Roxboro, NC 27573
                                                                                                                                   
Roanoke, VA Fed Banking Market
Smith Mountain Lake, 13264 Booker T Washington Hwy., Hardy, VA 24101
Main & Court, 260 S. Main St., Rocky Mount, VA 24151  

Martinsville, VA Banking Market
Collinsville, 3000 Virginia Ave, Collinsville, VA 24078
Village of Martinsville, 250 Commonwealth Blvd., W. Martinsville, VA 24112                 
Patrick County, 114 W. Blue Ridge St., Stuart, VA 24171

Eastern Shore, VA-MD Banking Market
Onancock, 62 Market St., Onancock, VA 23417
Cheriton, 21263 Lankford Hwy., Cape Charles, VA 23310
                                                                       
South Boston, VA Fed Banking Market
South Boston, 410 Main St., South Boston, VA 24592

Wayne County, GA Fed Banking Market
Jesup, 175 S. Macon St., Jesup, GA 31545

Lumpkin County, GA Fed Banking Market
Dahlonega Main, 111 S Chestatee St., Dahlonega, GA 30533

About First Horizon  
First Horizon National Corp. (NYSE:FHN), with $86 billion in assets, is a leading regional financial services company, dedicated to strengthening the lives of our associates, clients, shareholders, and communities. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates nearly 500 bank locations in 12 states across the Southeast. With more than 288 years of combined First Horizon Bank and IBERIABANK financial experience, the Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon is recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. bank. More information is available at www.FirstHorizon.com

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10%; width:10%; min-width:10%;">CONTACT:	90%; width:90%; min-width:90%;">Investor Relations, Ellen Taylor (901) 523-4450
	Investor Relations, Aarti Bowman, (901) 523-4017
	Media Relations, Silvia Alvarez, (901) 523-4465

FAQ

What is the significance of First Horizon's acquisition of SunTrust branches?

The acquisition enhances First Horizon's presence in strategic growth markets and adds significant loans and deposits.

How much in loans and deposits did First Horizon acquire from SunTrust?

First Horizon acquired approximately $440 million in loans and $2.3 billion in deposits from the transaction.

When did First Horizon complete the acquisition of the SunTrust branches?

The acquisition was completed over the weekend of July 17-19, 2020.

How many banking centers does First Horizon operate after the acquisition?

First Horizon operates nearly 500 banking centers across 12 states after completing the acquisition and the merger with IBERIABANK.