October 30, 2017 / 9:03 PM / 23 days ago

U.S. Fed approves bid by First Horizon to buy Capital Bank

WASHINGTON (Reuters) - The Federal Reserve announced on Monday it had approved a bid by First Horizon National Corporation (FHN.N) to acquire Capital Bank Financial Corp (CBF.O) of Charlotte, as the regional bank looks to expand its presence in the U.S. southeast.

The $2.2 billion deal, first announced in May, also allows First Horizon of Memphis to indirectly acquire Capital Bank’s subsidiary, Capital Bank Corp of Raleigh.

The Federal Reserve Board signed off on the acquisition in a unanimous 4-0 vote.

Reporting by Pete Schroeder; Editing by Chris Reese

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