Memphis Daily News (06/05/08); Guy, Rosalind
First Tennessee Bank National Association has agreed to sell more than 230 retail and wholesale offices across the country to MetLife Bank N.A., a unit of MetLife Inc. The deal, which is expected to close by the end of September, enables the First Horizon National Corp. subsidiary to sell its entire mortgage business outside of the state and retain its 21 mortgage offices in and around Tennessee. First Horizon CEO Jerry Baker added, "We have entered into a sub-servicing agreement with MetLife, so our mortgage customers will continue to receive the same level of service." The arrangement calls for First Horizon to sell mortgage servicing assets on about $20 billion of first lien mortgage loans to MetLife Bank, then enter into a sub-servicing accord for the rest of First Horizon’s first lien servicing portfolio.
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