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First Horizon National plans to complete TrustAtlantic Bank acquisition in early October

Staff writer |
First Horizon National will complete its acquisition of Raleigh, N.C.-based TrustAtlantic Bank and its parent company, TrustAtlantic Financial Corp., following approval by the Federal Reserve Board, the Office of the Comptroller of the Currency and state regulators.

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The acquisition expands First Tennessee's decade-long presence in North Carolina and is expected to close in early October.

"We look forward to welcoming the customers and employees of TrustAtlantic to the First Tennessee family," said Bryan Jordan, chairman and CEO of First Horizon.

The five TrustAtlantic branches – four in the Raleigh-Cary metro area and one in Greenville, N.C. – will open as First Tennessee branches October 19.

The new branches will expand convenience and enhance the products and services First Tennessee offers in Raleigh and other North Carolina markets for commercial banking, commercial real estate, private client and wealth management customers.

TrustAtlantic Financial and its subsidiary, TrustAtlantic Bank, had approximately $430 million in total assets, $368 million in total deposits and $317 million in gross loans as of June 30.

"By combining the strengths of First Tennessee and TrustAtlantic, we see exciting opportunities," said Jim Beck, president and CEO of TrustAtlantic Financial.

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