MEMPHIS, Tenn., Oct. 22, 2008 (GLOBE NEWSWIRE) -- First Horizon National Corp.'s (NYSE:FHN) board of directors has approved distribution on Jan. 1, 2009, of the regular quarterly dividend, payable in shares of common stock. The dividend rate will be 1.837 percent, which means that 1.837 new dividend shares will be distributed for every 100 shares held on the record date of Dec. 12, 2008.
The dividend rate was determined to provide shareholders with new shares having a value of 20 cents for each share held on the record date, based on First Horizon's volume weighted average stock price on Oct. 16 of $10.8876 per share.
"We have taken significant actions to reposition our business that over the past several months have led to improved capital ratios, balance sheet reduction and significantly strengthened reserves," said Bryan Jordan, First Horizon CEO. "These steps have greatly enhanced our position and will serve the company well as we complete the wind-down of our national businesses, focus aggressively on expense control and efficiency and build our strong banking and capital markets businesses."
Dividend shares, including any fractional shares, will be issued electronically and distributed to shareholders of record in direct registration form through First Horizon's transfer agent. Each record shareholder will receive a statement indicating the number of dividend shares deposited in his or her account. Paper stock certificates for whole shares will be available upon request from our transfer agent.
About First Horizon
The 6,000 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through more than 200 bank locations in and around Tennessee and 14 capital markets offices in the U.S. and abroad. First Tennessee Bank has the largest market share in the 17 Tennessee counties where it does business and has one of the highest customer retention rates of any bank in the country, and FTN Financial is one of the nation's top underwriters of U.S. government agency securities. FHN has been recognized as one of the nation's best employers by AARP and Working Mother magazines. More information can be found at www.fhnc.com.
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