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FTN Financial Concludes Acquisition of Coastal Securities
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FTN Financial, a division of First Tennessee Bank, completed the acquisition of Houston-based financial company, Coastal Securities. First Tennessee Bank is a subsidiary of First Horizon National Corporation (FHN - Free Report) . The $160-million deal was signed in Oct 2016, for payment in cash, based on the book/market value of acquired net assets at closing.
Coastal Securities, a national lender in the trading, securitization and analysis of Small Business Administration (SBA) loans, has offices in Houston, Dallas, San Antonio, Austin and Little Rock, AR. Moreover, the combination of FTN’s existing SBA trading activities and Coastal’s loan products has bolstered FTN Financial’s revenues and helped in product diversification.
Michael E. Kisber, president of FTN Financial, said, “We are proud to have the Coastal Securities team join FTN Financial. The experience this group brings to our firm will allow us to serve our customers with greater depth of product, coupled with the exceptional service that is a hallmark of FTN Financial.”
The deal is immediately accretive to First Horizon’s earnings per share, return on tangible common equity and return on assets. Per a presentation made by First Horizon, all the employees of Coastal Securities will continue to be part of the combined business, whereas a retention program would be established for some of its employees.
Currently, First Horizon carries a Zacks Rank #3 (Hold).
First Horizon’s shares gained 17.2% over the last six months compared with 27.7% growth recorded by the Zacks categorized Southeast Banks industry.
Northern Trust Corporation (NTRS - Free Report) has been witnessing upward estimate revisions for the last 30 days, with the company’s shares rising nearly 19.9% over the last six months. It presently holds a Zacks Rank #2.
Bank of America Corporation (BAC - Free Report) has been witnessing upward estimate revisions for the last 30 days. The company’s share price has been up more than 46% for the past six months. It also carries a Zacks Rank #2.
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FTN Financial Concludes Acquisition of Coastal Securities
FTN Financial, a division of First Tennessee Bank, completed the acquisition of Houston-based financial company, Coastal Securities. First Tennessee Bank is a subsidiary of First Horizon National Corporation (FHN - Free Report) . The $160-million deal was signed in Oct 2016, for payment in cash, based on the book/market value of acquired net assets at closing.
Coastal Securities, a national lender in the trading, securitization and analysis of Small Business Administration (SBA) loans, has offices in Houston, Dallas, San Antonio, Austin and Little Rock, AR. Moreover, the combination of FTN’s existing SBA trading activities and Coastal’s loan products has bolstered FTN Financial’s revenues and helped in product diversification.
Michael E. Kisber, president of FTN Financial, said, “We are proud to have the Coastal Securities team join FTN Financial. The experience this group brings to our firm will allow us to serve our customers with greater depth of product, coupled with the exceptional service that is a hallmark of FTN Financial.”
The deal is immediately accretive to First Horizon’s earnings per share, return on tangible common equity and return on assets. Per a presentation made by First Horizon, all the employees of Coastal Securities will continue to be part of the combined business, whereas a retention program would be established for some of its employees.
Currently, First Horizon carries a Zacks Rank #3 (Hold).
First Horizon’s shares gained 17.2% over the last six months compared with 27.7% growth recorded by the Zacks categorized Southeast Banks industry.
Stocks to Consider
Comerica Incorporated (CMA - Free Report) has been witnessing upward estimate revisions for the last 30 days. Further, the stock surged over 39% over the past six months. It currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Northern Trust Corporation (NTRS - Free Report) has been witnessing upward estimate revisions for the last 30 days, with the company’s shares rising nearly 19.9% over the last six months. It presently holds a Zacks Rank #2.
Bank of America Corporation (BAC - Free Report) has been witnessing upward estimate revisions for the last 30 days. The company’s share price has been up more than 46% for the past six months. It also carries a Zacks Rank #2.
"Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>