First Tennessee Bank to buy North Carolina bank

First Tennessee Bank

First Tennessee Bank is expanding its decade-long presence in North Carolina by buying Raleigh, N.C.-based TrustAtlantic Financial Corp., subject to approval by regulators and TrustAtlantic's shareholders.

First Tennessee, the biggest bank in Tennessee, will pay stock and cash to acquire TrustAtlantic Financial and its subsidiary, TrustAtlantic Bank.

TrustAtlantic was stated in June 2007 through the purchase and a $32 million of a bank in Greenville, N.C. and has grown to $453 million in assets.

TrustAtlantic Bank serves its customers through four full-service banking offices in the Raleigh-Cary metro area and one in Greenville, N.C., and all will operate as First Tennessee branches after the acquisition is completed.

"The vibrant communities in North Carolina and the attractive relationships TrustAtlantic has developed make this an exciting partnership for First Tennessee and First Horizon," said Bryan Jordan, First Horizon's chairman and CEO. "This acquisition provides an important expansion in the state's Research Triangle region, one of the most attractive markets in the Southeast."

First Tennessee has offered commercial banking, commercial real estate, private client and wealth management products and services in Raleigh and other North Carolina markets for 10 years.