On Friday, First Tennessee Bank National Association, the regional banking group of First Horizon National Corporation (FHN), took over all the assets and deposits of Mountain National Bank of Sevierville, Tenn., from the Federal Deposit Insurance Corporation (FDIC). Notably, as of Mar 31, 2013, Mountain National Bank had assets worth about $437 million and approximately $373 million of deposits.
Following the acquisition, the 12 branches of Mountain National reopened as First Tennessee financial centers. Moreover, the customers will receive uninterrupted services as usual through new management. Though the integration of the two banks is expected to take some time, customers are free to carry on with their banking activities as usual.
The acquisition of Mountain National Bank will further solidify First Horizon’s well-established position in Tenn. First Horizon is looking forward to initiating its relationship with new customers and employees and is hopeful of furnishing the new clients with quality customer service.
Earlier in Mar 2013, First Tennessee Bank announced that it will strategically expand its footprint and develop its services in N.C., S.C. and Va. Previously, First Tennessee Bank forayed into the Mid-Atlantic Region to recreate the success of the existing locations in West, Middle and East Tennessee. The regional bank is focused on opportunistically diversifying its footprints in regions with vast growth potential to combat declining revenues.
Notably, in first-quarter 2013, First Horizon reported total revenue of $317.8 million, missing the Zacks Consensus Estimate of $330.0 million. Moreover, revenues fell 15% from the year-ago quarter.
Currently, First Horizon holds a Zacks Rank #3 (Hold). Some well performing Southwest banks that are worth considering include Community Trust Bancorp Inc. (CTBI), American National Bankshares Inc. (AMNB) and Ameris Bancorp (ABCB). All the 3 banks carry a Zacks Rank #1 (Strong Buy).
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