First Horizon Expands Share Purchase Program, Declares Quarterly Dividends
April 28 2016 - 11:46AM
First Horizon National Corp.'s (NYSE:FHN) board of directors
expanded First Horizon’s 2014 common share purchase program based
on the strong financial position of the company. As amended
the program provides First Horizon with $150 million of new
authority, or approximately $210 million in currently available
authority, to make share purchases, and it will expire on Jan. 31,
2018. Purchases will continue to be made in the open market or
through privately negotiated transactions and will be subject to
market conditions, accumulation of excess equity, prudent capital
management and legal and regulatory restrictions. The 2014 program,
originally announced in January 2014 and previously amended in July
2015, is not tied to any compensation plan.
In addition, the board of directors has approved payment of a
quarterly cash dividend on First Horizon’s common stock of $.07 per
share. The dividend is payable on July 1, 2016, to the common
shareholders of record on June 10, 2016.
The board of directors has also approved payment of a quarterly
cash dividend of $1,550.00 per share on First Horizon’s
Non-Cumulative Perpetual Preferred Stock, Series A ("Series A
Preferred Stock"). This equates to a cash dividend of $.387500 per
Depositary Share (NYSE:FHN PrA), which each represent a 1/4000th
interest in a share of the Series A Preferred Stock. The dividend
is payable on July 11, 2016, to the preferred shareholders of
record on June 24, 2016.
About First Horizon
The 4,300 employees of First Horizon National Corp. (NYSE:FHN)
provide financial services through more than 180 bank locations
across Tennessee and the southern U.S. and 29 FTN Financial offices
across the U.S. The company was founded during the Civil War in
1864 and has the 14th oldest national bank charter in the country.
First Tennessee has the largest deposit market share in Tennessee
and one of the highest customer retention rates of any bank in the
country. FTN Financial is a capital markets industry leader in
fixed income sales, trading and strategies for institutional
customers in the U.S. and abroad. First Horizon has been recognized
as one of the nation's best employers by Working Mother and
American Banker. More information is available at
www.FirstHorizon.com.
FHN-G
CONTACT:
Investor Relations, Aarti Bowman, (901) 523-4017
Media Relations, James Dowd, (901) 523-4305
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