First Horizon National Corporation

First Horizon National Corporation
Public company
Traded as NYSE: FHN
S&P 400 component
Industry Financial services
Founded 1864 (1864)
Founder Frank S. Davis
Headquarters Memphis, Tennessee
Key people
 Bryan Jordan, Chairman, President and CEO
William C. Losch III, CFO
Decrease $0.159 billion (2017)
Total assets Increase $41.432 billion (2017)
Total equity Increase $4.580 billion (2017)
Number of employees
 5,984 (2017)
Website firsthorizon.com
Footnotes / references
[1]

First Horizon National Corporation is a bank holding company based in Memphis, Tennessee. Its banking subsidiary, First Tennessee, is the largest bank in Tennessee and the 4th largest regional banking company in the Southeast. It is the 14th United States bank on the list of oldest banks in continuous operation. The company provides financial services including banking, wealth management, insurance, and trading services.

History

Frank S. Davis founded First National Bank, the first nationally chartered bank in Memphis after passage of the National Banking Act of 1863. The charter was received on March 25, 1864, during the American Civil War.[2]

The yellow fever epidemics in Memphis from 1867 through 1878 halted growth. The bank acquired German Bank in 1895. In 1914, the bank participated in the organization of the Federal Reserve Bank of St. Louis. The bank merged with Central-State National Bank in 1926. In 1942, the bank opened its first suburban branch and by 1952, it operated 7 branches. In 1964, the bank moved into a new 23-story headquarters in downtown Memphis. By 1967, the bank was the largest bank in the Mid-South, when it was reorganized as the First National Holding Company. In 1971, the First Tennessee National Corporation was formed to allow the company to acquire other Tennessee banks.

Allen B. Morgan was named president in 1960, chief executive in 1967, and chairman in 1969.[3]

In 1981, the company founded First Express, a check clearing business.[4]

During the 1980s, the company also expanded into discount brokerage, mortgage loan origination, and insurance.

In 1993, the bank acquired MNC Mortgage.[5]

In 1994, the bank acquired Peoples Commercial Services Corporation.[6]

In 1999, to reflect its diversification, the bank adopted the slogan, All Things Financial.[7]

In 2004, the company changed its name to First Horizon National Corporation to reflect its interstate growth.[8]

In May 2007, the company acquired Republic Mortgage, based in Las Vegas.[9]

In September 2007, the company sold 34 branches outside of Tennessee, including 13 branches to M&T Bank, 10 branches to Sterling Bank, 9 branches to Fifth Third, and 2 branches to FMCB Holdings.[10]

In June 2008, the company sold its residential-mortgage origination and servicing business to Metlife.[11]

In November 2008, the United States Department of the Treasury invested $866 million in the company as part of the Troubled Asset Relief Program and in December 2010, the company repurchased the investment from the Treasury.[12]

On June 7, 2013, the bank acquired Mountain National Bank, which suffered from bank failure.[13]

In October 2015, the company acquired TrustAtlantic Bank.[14]

In December 2017, the company acquired Capital Bank Financial for $2.2 billion.[15]

References

  1. ↑ "First Horizon National Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "The beginning ..." First Horizon.
  3. ↑ "Allen B. Morgan, 89, Banker in Tennessee". The New York Times. February 28, 1998.
  4. ↑ Overstreet, James (September 20, 1998). "Sorting Hub Planned by First Tenn". American City Business Journals.
  5. ↑ "MNC Mortgage is renamed First Horizon Home Loan". The Baltimore Sun. October 1, 2000.
  6. ↑ "FIRST TENNESSEE TO ACQUIRE PEOPLES COMMERCIAL". The New York Times. October 20, 1994.
  7. ↑ Lacy, Sarah (May 23, 1999). "Banks Add Insurance to Array of Financial Services". American City Business Journals.
  8. ↑ "First Tennessee National Corp. Changes Name To First Horizon National Corp" (Press release). Business Wire. April 20, 2004.
  9. ↑ "First Horizon acquires Las Vegas-based Republic Mortgage". Reuters. May 9, 2007.
  10. ↑ "First Horizon National Corp. Announces Sale of First Horizon Bank Branches" (Press release). Globe Newswire. September 25, 2007.
  11. ↑ "First Horizon sells mortgage business to MetLife". American City Business Journals. June 4, 2008.
  12. ↑ Meek, Andy (December 14, 2010). "First Horizon to Repay TARP Funds". Memphis Daily News.
  13. ↑ "First Tennessee Bank, National Association, Memphis, Tennessee, Assumes All of the Deposits of Mountain National Bank, Sevierville, Tennessee" (Press release). Federal Deposit Insurance Corporation. June 7, 2013.
  14. ↑ "First Horizon Completes TrustAtlantic Acquisition" (Press release). Globe Newswire. October 5, 2015.
  15. ↑ "First Horizon National Corp. Completes Acquisition of Capital Bank Financial Corp" (Press release). Globe Newswire. December 1, 2017.
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