First Tennessee Bank has boosted its state-leading market share with a new deal to purchase 13 branches and four remote ATMs from Bank of America in Tennessee.
The banks expect the purchase of the branches, including those in Johnson City, Kingsport, Bristol and Greeneville to close later this year, pending regulatory approval. The Memphis-based bank will add approximately $660 million of deposits. First Tennessee is a subsidiary of Memphis-based First Horizon National Corp. (NYSE: FHN).
In addition to the Tri-Cities branches and ATMs, First Tennessee will acquire branches in Waverly, Columbia, Lawrenceburg, Lewisburg, Sparta, Rockwood and Kingston. Some of the communities will be new to First Tennessee, which already has more than 170 financial centers in and around Tennessee.
First Tennessee says it will hire all current Bank of America branch employees when the purchase closes. In addition to the branches, First Tennessee will also acquire a small number of loans as part of the transaction.
In late 2013, First Tennessee had 140 employees in the Tri-Cities. Bank of America declined to give a local employee headcount at that time.
First Tennessee is the largest bank based in the Volunteer State. It is celebrating its 150th year in business this year, making it one of the oldest continuously operating banks in the country. The company was founded during the Civil War in 1864 and has the 14th oldest national bank charter in the country.
