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Webster Bank closes P&A agreement with First Tennessee Bank

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Webster Bank closes P&A agreement with First Tennessee Bank

Waterbury, Conn.-based Webster Bank NA on May 23 completed its purchase-and-assumption agreement with First Tennessee Bank NA, according to the OCC's website.

Specifically, the Webster Financial Corp. subsidiary acquired certain health savings accounts from Memphis-based First Tennessee Bank, including related assets, certain deposits and other liabilities. The transaction did not include loans or branches.

First Tennessee Bank, a subsidiary of First Horizon National Corp., had approximately $40.25 billion in assets as of March 31, while Webster Bank had about $26.75 billion in assets, according to S&P Global Market Intelligence data.