SunTrust, BB&T Agree to Sell 30 Bank Branches in Three States to First Horizon

MEMPHIS, TENN. — SunTrust Bank and BB&T have agreed to sell 30 SunTrust branches in Georgia, Virginia and North Carolina to First Horizon National Corp. As part of the agreement, Memphis-based First Horizon will assume approximately $2.4 billion in deposits and will purchase approximately $410 million in loans. SunTrust and BB&T are selling the banking locations to satisfy regulatory requirements in connection with the previously announced “merger of equals” between SunTrust and BB&T. The transaction is expected to close in early 2020. There are nine branch locations in the Winston-Salem area; 11 in the Raleigh-Durham area; two near Roanoke, Va.; three near Martinsville, Va.; two near Eastern Shore, Va.; one in South Boston, Va.; and two in north Georgia. All 30 branches will operate under the First Horizon flag. First Horizon operates about 270 bank locations across the Southeast. The acquisition also includes all the employee teams at the locations.