First Tennessee Bank to significantly expand restaurant franchise business with acquisition of loans from GE Capital
June 27 2016 - 5:15PM
First Tennessee Bank, the regional bank of First Horizon National
Corp. (NYSE:FHN), will significantly expand its restaurant
franchise finance business following its acquisition of
approximately $637 million in restaurant franchise loans from GE
Capital.
First Tennessee will acquire the Southeast and Southwest
regional loan portfolios from GE Capital’s restaurant franchise
finance business. The all-cash transaction includes loans
outstanding of approximately $637 million as of May 31. Specific
terms of the transaction are not being disclosed.
The transaction is expected to be immediately accretive to First
Horizon’s earnings per share. The acquired loans will be combined
with existing First Tennessee relationships to establish a
restaurant franchise finance specialty lending business. The new
line of business will have more than $800 million of outstanding
loans after the transaction closes, which is expected to happen in
the third quarter.
“Our bankers are very good at understanding businesses, building
relationships and offering products to meet the unique needs of
customers in our specialty lines of business,” said David Popwell,
president of banking for First Horizon. “We already have several
commercial bankers who work closely with restaurant franchise
customers. As we build out our new restaurant franchise finance
specialty line of business, we will be better able to meet customer
needs and court new customers based on the strength of our
expanding expertise.”
About First HorizonThe 4,300 employees of First
Horizon National Corp. (NYSE:FHN) provide financial services
through more than 170 bank locations across Tennessee and the
southern U.S. and 29 FTN Financial offices across the U.S. The
company was founded during the Civil War in 1864 and has the 14th
oldest national bank charter in the country. FTN Financial is a
capital markets industry leader in fixed income sales, trading and
strategies for institutional customers in the U.S. and abroad.
First Horizon has been recognized as one of the nation's best
employers by Forbes, Working Mother and American Banker magazines.
More information is available at www.FirstHorizon.com.
FHN-G
FIRST HORIZON CONTACTS:
Investor Relations, Aarti Bowman, (901) 523-4017
Media Relations, James Dowd, (901) 523-4305
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