MEMPHIS, Tenn., Oct. 20, 2004 (PRIMEZONE) -- Yesterday, First Horizon National Corporation's (NYSE:FHN) board of directors voted to increase the quarterly dividend from $.40 per share to $.43 per share, a 7.5 percent increase. With the increase, the annual dividend rate will be $1.72 per share. The dividend is payable on Jan. 1, 2005, to shareholders of record on Dec. 17, 2004. This is the 433rd consecutive quarter that First Horizon has paid a dividend.
In addition, the board of directors extended the authorization, which was originally announced on Oct. 19, 2000, for the non-stock option plan-related repurchase of shares from Dec. 31, 2004, until Dec. 31, 2007. Approximately 5.7 million shares remain available under this authority. Repurchases will be made in the open market or through privately negotiated transactions and will be subject to market conditions, accumulation of excess equity and prudent capital management.
About First Horizon
The 12,000 employees of First Horizon National Corp. (NYSE: FHN) provide financial services to individual and business customers through hundreds of offices located in more than 40 states. The corporation's three major brands -- FTN Financial, First Horizon and First Tennessee -- provide customers with a broad range of products and services including:
- Capital markets, with one of the nation's top underwriters of U.S. government agency securities
- Mortgage banking, with one of the nation's top 15 mortgage originators and servicers, which earned a top-10 ranking in customer satisfaction from J.D. Power and Associates
- Retail/commercial banking, with the largest market share in Tennessee and one of the highest customer retention rates of any bank in the country.
FHN companies have been recognized as some of the nation's best employers by AARP, Working Mother, Business Week and Fortune magazines. FHN also was named one of the nation's 100 best corporate citizens by Business Ethics magazine. More information can be found at www.FirstHorizon.com.