Under terms of a merger that was approved by shareholders in December, First Horizon, with $30 billion in assets, acquired Capital Bank, which has $10 billion in assets.
All First Horizon banks located in Tennessee will use the First Tennessee name. Meanwhile, the company’s banks outside Tennessee will use the Capital Bank brand.
Before the merger, First Horizon operated 170 branches across Tennessee and the Southeast. Meanwhile, Capital Bank had 193 branches in the Carolinas, Tennessee, Florida and Virginia.
As result of the merger, two former Capital Bank branches in Johnson City and one in Jonesborough are now First Tennessee banks. Company officials said last week the switchover has been orderly and on schedule. Most of the conversion involved internal and technical issues.
First Tennessee Bank has a 154-year history in the banking industry.
The merger makes First Horizon, which is headquartered in Memphis, the fourth largest regional bank in the Southeast. In a statement released in December, First Horizon officials said the merger would allow the company to expand its presence in fast-growing markets.
“This is an exciting time for First Horizon,” Bryan Jordan, chairman and CEO of First Horizon, said. “Together with the accomplished team at Capital Bank we will be able to leverage the strengths of both banks and capitalize on growth opportunities in attractive, high-growth Southeast markets and enhance our strong presence in our Tennessee markets.”