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Acquisition   Apex Bank has $517 million in assets

First Horizon National to sell 2 branches to Apex Bank

Capital BankFirst Horizon National Corp. and Capital Bank Financial Corp. announced that, in connection with their proposed merger, Capital Bank Corporation will sell two branches in Greene County.

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READ MORE First Horizon to buy Capital Bank for $2.2bn, reach $40bn in assets

This is totaling approximately $34 million in deposits and $2.5 million in loans, to Apex Bank, and a Tennessee banking corporationis the buyer.

Apex Bank’s purchase includes both branches slated for divestiture under First Horizon’s agreement with the United States Department of Justice and commitments to the Board of Governors of the Federal Reserve System, which were entered into in connection with a customary review of First Horizon’s pending merger with Capital Bank Financial.

Apex Bank has $517 million in assets and currently operates 11 branches in Tennessee, including two branches in Greene County. Apex Bank expects to retain all current branch employees when the purchase closes.

Under the agreement, Apex Bank agreed to purchase the following Capital Bank branches in Greene County:

- Towne Square 255 West Summer Street Greeneville, TN 37743

- Baileyton 560 Van Hill Road Greeneville, TN 37745

The divestiture transaction is subject to completion of the First Horizon and Capital Bank Financial merger, the receipt of customary regulatory approvals by Apex Bank, and satisfaction of customary closing conditions.

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