First Tennessee bank parent acquires company

KNOXVILLE (AP) — The parent company of First Tennessee bank has acquired a Raleigh, North Carolina financial company.

First Horizon National Corp. purchased TrustAtlantic Financial Corp. for $80 million on Wednesday. The Knoxville News Sentinel reported ( the deal is subject to approval by regulators and TrustAtlantic's shareholders.

TrustAtlantic Financial and its subsidiary, TrustAtlantic Bank, have grown to approximately $453 million in total assets and $395 million in total deposits as of Sept. 30.

The company has four full-service banking offices in the Raleigh-Cary metro area and one in Greenville, North Carolina., which they will operate as First Tennessee branches after the acquisition is completed.

In May, First Horizon announced a deal to acquire 13 Tennessee branches from Bank of America.