First Tennessee Bank has signed an agreement to buy 13 branches and four stand-alone ATMs in Middle and East Tennessee from Bank of America.
The deal, which is expected to close later this year, calls for First Tennessee to pay a 3.32 percent premium for the $660 million of deposits it will assume. In the Nashville region, the Memphis-based bank will take over seven branches in Waverly, Columbia, Lawrenceburg, Lewisburg and Sparta. Combined, those offices had $291 million in deposits at the end of June last year.
"We are proud to have earned the trust and business of the people of Tennessee for 150 years, and we look forward to continuing that tradition in communities that are both new and familiar to us with this purchase," said Bryan Jordan, First Horizon's chairman and CEO.
First Tennessee, which runs more than 170 branches around the state, will hire all BofA branch employees when it closes on its purchase, an immaterial amount of loans.