MEMPHIS, Tenn., Feb. 11, 2008 (PRIME NEWSWIRE) -- First Horizon National Corp.'s (NYSE:FHN) principal banking subsidiary, First Tennessee Bank National Association, has completed its third transaction involving the sale of its First Horizon Bank branches. Altogether the three transactions have resulted in the sale of 25 First Horizon Bank branches.
The sales are part of an ongoing effort at First Horizon to redeploy capital to its higher-return businesses, particularly First Tennessee Bank, which has the largest business and consumer market share in Tennessee.
First Horizon Home Loans will continue to offer mortgage financing in the former First Horizon Bank markets.
The most recent sale, of 10 branch locations in the Dallas/Ft. Worth Metroplex to Sterling Bank, closed Friday. The sale of 13 First Horizon Bank branches in Northern Virginia and Maryland to M&T Bank, a subsidiary of M&T Bank Corp., closed on Dec. 7, 2007. And the sale of two Georgia branches -- in Dallas, Ga., and Douglasville, Ga. -- to wholly owned subsidiaries of FMCB Holdings Inc. closed on Dec. 7, 2007.
Although three of the four deals announced on Sept. 25, 2007, closed as scheduled, a fourth sale of nine Atlanta-area First Horizon Bank branches did not close because of a dispute between the two parties in the transaction.
About First Horizon
The 10,000 employees of First Horizon National Corp. (NYSE:FHN) provide financial 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:
* Retail/commercial banking, with the largest market share in Tennessee and one of the highest customer retention rates of any bank in the country * Capital markets, one of the nation's top underwriters of U.S. government agency securities * Mortgage banking, one of the nation's top mortgage originators and recipient of consecutive awards for servicing excellence from Fannie Mae and Freddie Mac
FHN has been recognized as one of the nation's best employers by AARP and Working Mother magazines. FHN also was named one of the nation's 100 best corporate citizens by CRO magazine. More information can be found at www.fhnc.com.
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