First Tennessee purchases 13 branches First Tennessee Bank will further strengthen its leading market share in Tennessee with an agreement to purchase 13 branches and four remote ATMs from Bank of America. The banks expect the purchase of the branches in Middle and East Tennessee to close later this year following approval by regulators and satisfaction of customary closing conditions. First Tennessee will add approximately $660M of deposits at a deposit premium of 3.32% based on deposit balances near the time the transaction closes. First Tennessee is a subsidiary of First Horizon National.
First Horizon upgraded to Market Perform from Underperform at Wells Fargo Wells Fargo upgraded First Horizon to Market Perform citing reduced earnings risk from litigation and the bank's better than expected cost discipline. Wells raised its price target range for shares to $15-$16 from $11-$12.