First Horizon acquired Capital Bank for $2.2bn

First Horizon National Corp. and Capital Bank Financial Corp. have entered into a definitive agreement that will create the fourth largest regional bank in the Southeast. Under the agreement First Horizon, which has $30bn in assets, will acquire Capital Bank, which has $10bn in assets. First Horizon operates 170 branches across Tennessee and the Southeast, and Capital Bank operates 193 branches in the Carolinas, Tennessee, Florida and Virginia. The merger will accelerate First Horizon’s strategic plan to enhance its presence in fast-growing markets in the Southeast. After closing, Capital Bank shareholders collectively will own approximately 29% of First Horizon’s common shares and will have received approximately $411m in cash. The total transaction value, at yesterday’s First Horizon closing stock price, is $2.2bn.