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Capital Bank to divest 2 branches for First Horizon merger

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Capital Bank to divest 2 branches for First Horizon merger

To resolve the U.S. Justice Department's antitrust concerns, First Horizon National Corp. and Capital Bank Financial Corp. agreed to sell two branches within 180 days of their merger's completion.

Identified for sale are Capital Bank's Baileyton and Towne Square branches, both in Greeneville, Tenn. Deposits related to those branches amounted to approximately $33.6 million as of June 30. The sale will include the branches' deposits, loans and fixed assets.

When Memphis, Tenn.-based First Horizon announced its planned acquisition of Charlotte, N.C.-based Capital Bank in May, management noted the potential for cost saves, as roughly 20% of the resulting entity's branches would be within two miles of another branch.