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St. Louis Fed approves First Horizon's acquisition of 30 SunTrust branches

The Federal Reserve Bank of St. Louis approved Memphis, Tenn.-based First Horizon National Corp.'s application to acquire certain assets and assume the deposit liabilities of 30 branches of SunTrust in North Carolina, Georgia and Virginia and to retain the acquired facilities as branch offices.

The U.S. Department of Justice had required BB&T and SunTrust, now Truist Financial Corp., to divest 28 SunTrust branches to satisfy antitrust concerns. The additional two branches First Horizon is acquiring are in Jesup, Ga., and South Boston, Va.

Shortly before First Horizon's pending acquisition of these branches was announced, the bank and Lafayette, La.-based IBERIABANK Corp. announced a merger of equals, which is expected to close in the second quarter.