On Thursday, First Horizon National (FHN - Get Report) said it will acquire fellow regional bank Capital Bank Financial (CBF) for $2.2 billion, as it looks to enhance its presence in the southeast market of the U.S.

The combined company creates the fourth largest regional bank in the southeast.

"Together with the accomplished team at Capital Bank we will be able to leverage the strengths of both banks and capitalize on growth opportunities in attractive, high-growth Southeast markets and enhance our strong presence in our Tennessee markets. This partnership will help us more quickly achieve our critical bonefish financial targets," First Horizon CEO Bryan Jordan said.