First Tennessee Bank anticipates completing its $80 million acquisition of Raleigh-based TrustAtlantic Bank in October after obtaining the necessary regulatory approvals.
TrustAtlantic’s five branches – three in Raleigh, one in Cary and one in Greenville – are expected to begin operating as First Tennessee branches as of Oct. 19, the corporate parent of First Tennessee announced Friday.
First Tennessee, which is based in Memphis and has 170 branches mostly in Tennessee, unveiled its plan to acquire TrustAtlantic 11 months ago. Today First Tennessee has one Triangle branch, which it opened in 2013.
TrustAtlantic CEO Jim Beck will become market president for First Tennessee, overseeing commercial banking and the branches, once the deal is completed.
TrustAtlantic had about $430 million in assets and $368 million in deposits as of June 30.