On Friday, First Tennessee Bank National Association, the
regional banking group of
First Horizon National Corporation
), 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
Currently, First Horizon holds a Zacks Rank #3 (Hold). Some well
performing Southwest banks that are worth considering include
Community Trust Bancorp Inc.
American National Bankshares Inc.
). All the 3 banks carry a Zacks Rank #1 (Strong Buy).
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