First Horizon National Corporation FHN recently sealed a deal with SunTrust Banks, Inc. STI and BB&T Corporation BBT. Under the deal, the Memphis, TN-based bank will acquire 30 branches from SunTrust Banks.
This February, BB&T and SunTrust had announced their agreement to merge, which will create the sixth largest commercial bank in the United States (in terms of assets and deposits). The all-stock deal, expected to close in the ongoing quarter, is valued at $66 billion.
“First Horizon is excited to welcome new employees and customers to our family,” said Bryan Jordan, First Horizon’s chairman and CEO. “We are proud of the tradition of trust we have earned for more than 155 years and look forward to working with BB&T and SunTrust to design a seamless onboarding experience,” Jordan added.