First Horizon and Capital Bank to merge; CBF -5% premarket

|About: Capital Bank Financial (CBF)|By:, SA News Editor

The combined organization will be the fourth largest regional bank in the Southeast, with $40B in assets ($30B FHN, $10B CBF), $32B in deposits, $27B in loans, and more than 300 branches.

Under the terms, Capital Bank owners will receive cash or stock with a value equivalent to 1.75 First Horizon shares and $7.90 in cash for each share of CBF they hold. Takeunder? That works out to $40.83 based on current pricing vs. CBF's close yesterday of $42.05.

The total transaction value comes to $2.2B based on last night's close.

A conference call is set for 9:30.

Source: Press Release

CBF -5.2% premarket to $39.85

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