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MarketScreener Homepage  >  Equities  >  Nyse  >  First Horizon National Corporation    FHN

FIRST HORIZON NATIONAL CORPORATION

(FHN)
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First Horizon to Acquire 30 SunTrust Bank Branches

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11/08/2019 | 04:49pm EST

By Kimberly Chin

First Horizon National has agreed to acquire 30 branches from SunTrust Banks, a move that would help clear regulatory hurdles for the merger-of-equals deal between SunTrust and BB&T Corp. (BBT).

The agreement will give First Horizon roughly $2.4 billion in deposits. The bank-holding company will also purchase about $410 million in loans.

The acquired branches will help expand First Horizon's presence in key markets in North Carolina, such as in Durham, Chapel Hill and Winston-Salem, as well as in Virginia and Georgia.

First Horizon said it plans to keep all of SunTrust's current employees when the transaction closes. The branches will operate under the First Horizon Bank brand.

The transaction is expected to close in early 2020.

On Monday, First Horizon agreed to merge with IberiaBank in a merger-of-equals transaction. The Memphis, Tenn., bank said the branch acquisitions weren't related to this deal.

Write to Kimberly Chin at kimberly.chin@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
FIRST HORIZON NATIONAL CORPORATION -2.94% 16.16 Delayed Quote.-2.42%
IBERIABANK CORPORATION -2.91% 73.34 Delayed Quote.-1.99%
SUNTRUST BANKS 1.26% 70.13 Delayed Quote.0.00%
TRUIST FINANCIAL CORPORATION 0.22% 54.94 Delayed Quote.-2.45%
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Financials (USD)
Sales 2020 2 550 M
EBIT 2020 1 047 M
Net income 2020 495 M
Debt 2020 -
Yield 2020 3,79%
P/E ratio 2020 15,2x
P/E ratio 2021 9,15x
Capi. / Sales2020 1,97x
Capi. / Sales2021 1,55x
Capitalization 5 033 M
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Technical analysis trends FIRST HORIZON NATIONAL COR
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 19,13  $
Last Close Price 16,16  $
Spread / Highest target 30,0%
Spread / Average Target 18,4%
Spread / Lowest Target 11,4%
EPS Revisions
Managers
NameTitle
D. Bryan Jordan Chairman, President & Chief Executive Officer
Yousef A. Valine Chief Operating & Risk Officer, EVP
William C. Losch Chief Financial Officer & Executive Vice President
Bruce A. Livesay Chief Information Officer & Executive VP
Vicki R. Palmer Independent Director
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