MEMPHIS, Tenn., July 20, 2010 (GLOBE NEWSWIRE) -- First Horizon National Corp.'s (NYSE:FHN) board of directors has approved distribution to common shareholders of a quarterly dividend payable in common stock at the rate of 1.6567 percent. The dividend will be distributed on Oct. 1, 2010, to holders of record on Sept. 10, 2010. The dividend rate means that 16.567 new dividend shares will be distributed for every 1,000 shares held on the record date.
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 July 15, 2010, of $12.0719 per share.
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, Wells Fargo Shareowner Services. 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.
In addition, the board approved payment of the quarterly cash dividend on the Fixed Rate Cumulative Perpetual Preferred Stock, Series CPP, issued to the U.S. Treasury, at the 5 percent annual dividend rate. That dividend is payable on Aug. 16, 2010, to the holder of record on July 23, 2010.
About First Horizon
The 5,500 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through more than 180 bank locations in and around Tennessee and 18 FTN Financial Group offices in the U.S. and abroad. First Tennessee has the leading combined market deposit share in the 17 Tennessee counties where it does business and one of the highest customer retention rates of any bank in the country. FTN Financial is an industry leader in fixed income sales, trading and strategies for institutional clients in the U.S. and abroad. 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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