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First Horizon National Corp. Completes Acquisition of Capital Bank Financial Corp.
By: 
Jennifer Holder
Date: 
Monday, December 4, 2017
MEMPHIS, Tenn. – First Horizon National Corporation (NYSE: FHN) announced
today that it completed its acquisition of Capital Bank Financial Corp.
(“Capital Bank Financial”). Effective November 30, 2017, Capital Bank
Financial merged into First Horizon, and its subsidiary, Capital Bank
Corporation, merged into First Tennessee Bank National Association.
 
The merger brings together two respected financial institutions under the
First Horizon family of companies and creates the fourth largest regional
bank in the Southeast with approximately $40 billion in assets, $32 billion
in deposits, $27 billion in loans and 350 branches in Tennessee, North
Carolina, South Carolina, Florida, Mississippi, Georgia, Texas and Virginia.
“We are excited to complete the merger of First Horizon and Capital Bank
Financial and expand the capabilities of our company,” said Bryan Jordan,
chairman and CEO of First Horizon. “We are proud to merge the talented
teams at First Tennessee and Capital Bank to create an even stronger regional
bank that offers differentiated customer service and enhances our presence
throughout our markets.”
First Horizon, which is headquartered in Memphis, will retain its First
Tennessee Bank brand in Tennessee, where it has a 153-year history. Branches
outside Tennessee market areas will use the Capital Bank name.
 
“We’re excited about this opportunity to be a part of the region’s most
respected family of financial institutions with a history of exemplary
customer service,” said Gene Taylor, chairman and CEO of Capital Bank
Financial. “There’s no doubt that the strength and talent of these
combined organizations propels us forward and enhances our capacity to
deliver sophisticated, high-touch financial service.”
 
Taylor and Peter N. Foss, members of the Capital Bank Financial Board of
Directors, have joined the First Horizon Board of Directors. Taylor also
became vice chairman of First Horizon.
Barclays Capital Inc. and Morgan Stanley & Co. LLC served as financial
advisors to First Horizon, and Sullivan & Cromwell LLP served as First
Horizon’s legal advisor. Sandler O’Neill + Partners L.P. and UBS
Investment Bank served as financial advisors to Capital Bank Financial, and
Wachtell, Lipton, Rosen & Katz served as Capital Bank Financial’s legal
advisor.
 
About First Horizon
 
First Horizon National Corp. (NYSE:FHN) provides financial services through
its First Tennessee, Capital Bank, FTB Advisors, and FTN Financial
businesses. First Horizon operates 350 bank locations across the southern
U.S. and 28 FTN Financial offices across the entire U.S. Our banking
subsidiary was founded in 1864 and has the 14th oldest national bank charter
in the country. Our First Tennessee and Capital Bank brands have the largest
deposit market share in Tennessee and one of the highest customer retention
rates of any bank in the country. We have been ranked by American Banker as
No. 5 among the Top 10 Most Reputable U.S. Banks. Our FTB Advisors wealth
management group has more than 300 financial advisors and about $30 billion
in assets under administration. FTN Financial is a capital markets industry
leader in fixed income sales, trading and strategies for institutional
customers in the U.S. and abroad. We have been recognized as one of the
nation’s best employers by Working Mother and American Banker magazines and
the National Association for Female Executives. More information is available
Forward-Looking Statements
 
This release contains certain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995 with respect
to our beliefs, plans, goals, expectations, and estimates. Forward-looking
statements are not a representation of historical information, but instead
pertain to future operations, strategies, financial results or other
developments. The words “believe,” “expect,” “anticipate,”
“intend,” “estimate,” “should,” “is likely,” “will,”
“going forward,” and other expressions that indicate future events and
trends identify forward-looking statements.
 
Forward-looking statements are necessarily based upon estimates and
assumptions that are inherently subject to significant business, operational,
economic and competitive uncertainties and contingencies, many of which are
beyond the control of First Horizon, and many of which, with respect to
future business decisions and actions, are subject to change. Examples of
uncertainties and contingencies include, among other important factors:
global, general, and local economic and business conditions, including
economic recession or depression; actions of regulators and agencies and
changes in applicable laws and regulations; pending, threatened, or possible
future regulatory, administrative, and judicial outcomes, actions, and
proceedings; current or future Executive orders; the possibility that the
anticipated benefits of the transaction will not be realized when expected or
at all; diversion of management’s attention from ongoing business
operations and opportunities; potential adverse reactions or changes to
business or employee relationships, including those resulting from the
transaction; First Horizon’s success in executing its business plan and
strategies and managing the risks involved in the foregoing; and other
factors that may affect future results of First Horizon.
 
Additional factors that could cause results to differ materially from those
contemplated by forward-looking statements can be found in First Horizon’s
Annual Report on Form 10-K for the year ended December 31, 2016, and in its
subsequent Quarterly Reports on Form 10-Q filed with the SEC and available in
the “Investor Relations” section of First Horizon’s website,
http://www.firsthorizon.com, under the heading “SEC Filings” and in other
documents First Horizon files with the SEC.

FHN-G

CONTACT: First Horizon

Investor Relations, Aarti Bowman, (901) 523-4017

Media Relations, James Dowd, (901) 523-4305

 

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