Fifth Third Bank and First Horizon National principal banking subsidiary, First Tennessee Bank National Association, have signed an agreement on terms for the completion of the sale of nine Atlanta-area First Horizon Bank branches by First Tennessee to Fifth Third.
The sale, originally scheduled to be completed on February 8, 2008, did not close due to disagreement as to certain terms. Litigation currently pending in Nashville, Tennessee will be dismissed when the transaction closes. Terms of the transaction were not disclosed.
Upon closing of the transaction, Fifth Third will acquire the nine branches and will assume their deposits. Employees of the branches have been offered continued employment with Fifth Third. First Horizon will retain all loans held at the branches.
Kevin Kabat, president and CEO of Fifth Third, said: We have been looking forward to moving into the Atlanta market for quite some time. We’re pleased that all issues have been resolved, and we are excited to be welcoming our new customers and associates to Fifth Third Bank.