First Horizon And Capital Bank Agree To Sell 2 Branches To Apex Bank

(RTTNews) - First Horizon National Corp. (FHN) and Capital Bank Financial Corp. (CBF) announced that, in connection with their proposed merger, Capital Bank Corp. will sell two branches in Greene County, totaling about $34 million in deposits and $2.5 million in loans, to Apex Bank, a Tennessee banking corporation.

Apex Bank's purchase includes both branches slated for divestiture under First Horizon's agreement with the United States Department of Justice and commitments to the Board of Governors of the Federal Reserve System, which were entered into in connection with a customary review of First Horizon's pending merger with Capital Bank Financial.

Apex Bank has $517 million in assets and currently operates 11 branches in Tennessee, including two branches in Greene County. Apex Bank expects to retain all current branch employees when the purchase closes.

Barclays Capital Inc. served as financial advisor and Sullivan & Cromwell LLP served as legal counsel to First Horizon. Wachtell Lipton Rosen & Katz served as legal counsel to Capital Bank Financial.