MEMPHIS, Tenn., April 4, 2005 (PRIMEZONE) -- First Horizon National Corporation (NYSE:FHN) announced today the acquisition of substantially all of the assets of MSAver Resources, L.L.C., a national leader in administering health savings accounts.
Terms of the acquisition were not disclosed.
The Medicare Act of 2003 expanded the health benefits opportunities available to employers of all sizes and their employees by authorizing the use of health savings accounts (HSAs). Employees can make pre-tax or tax deductible contributions into their HSA. HSAs are designed to give consumers more control over their health care expenses.
Health savings accounts allow companies and consumers to take advantage of lower premiums associated with high-deductible health insurance plans and provide funds to make up the deductible difference with pre-tax or tax deductible dollars when medical expenses are incurred.
If a consumer doesn't use all the funds available during a year, the money will roll over from year to year. These accounts will earn interest and over time can build a reserve for later in life when health care expenses are generally larger. At age 65, the consumer can continue to withdraw the money income tax-free for medical expenses or for other expenditures and pay the regular income tax rate.
The acquisition was made by First Horizon's First Tennessee Bank.
"Health care is a large financial consideration. Adding the ability to offer health savings accounts to our clients is another example of being on the leading edge of knowing our customers and providing the products and services to help them meet their financial goals," said Rhomes Aur, executive vice president of wealth management for First Tennessee.
"Having MSAver join us is another sign of our commitment to be All Things Financial for our customers."
In addition to providing health savings accounts administrative services through First Horizon MSAver Resources, Inc., insurance products, which are necessary to take advantage of the new deposit accounts, will be provided by an affiliate of MSAver.
"We are confident that the acquisition of MSAver by First Horizon is an integral step in our market expansion of administering and brokering health savings accounts through our carriers and affinity partners," said E. Craig Keohan, who was named president of First Horizon MSAver Resources, Inc.
"We look forward to being part of a team that has demonstrated superior execution of financial and insurance products. The pairing up of MSAver's world-class customer service and First Horizon's innovative approach to the market is a key and strategic fit."
MSAver, which was based in Overland Park, Kan., is one of the pioneers in the consumer driven health care industry.
About First Horizon
The 13,000 employees of First Horizon National Corp. (NYSE:FHN) provide financial products and services to individuals 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 20 mortgage
originators and top 15 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 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.