MEMPHIS, Tenn., Jan. 22, 2014 (GLOBE NEWSWIRE) -- First Horizon National Corp.'s (NYSE:FHN) board of directors has approved payment of a quarterly cash dividend on its common stock of $.05 per share. The dividend is payable on April 1, 2014, to the common shareholders of record on March 14, 2014.
The board of directors has also approved payment of a quarterly cash dividend of $1,550.00 per share on FHN's Non-Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock"). This equates to a cash dividend of $0.387500 per Depositary Share (NYSE:FHN PrA), which each represent a 1/4000th interest in a share of the Series A Preferred Stock. The dividend is payable on April 10, 2014, to the preferred shareholders of record on March 26, 2014.
In addition, the board of directors approved a new $100 million common share purchase program that will expire on Jan. 31, 2016. Purchases will be made in the open market or through privately negotiated transactions and will be subject to market conditions, accumulation of excess equity, prudent capital management and legal and regulatory restrictions. The new program is not tied to any compensation plan and replaces an older non-plan share purchase program. The board terminated the older program, which originally was announced in 2011, had approximately $37 million remaining in available share purchase authority and was scheduled to expire on Jan. 31, 2014.
About First Horizon
The 4,300 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through more than 170 First Tennessee Bank locations in and around Tennessee and 21 FTN Financial Group offices in the U.S. and abroad. First Tennessee has the leading market share in Tennessee and one of the highest customer retention rates of any bank in the country. FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional clients in the U.S. and abroad. First Horizon has been recognized as one of the nation's best employers by American Banker and Working Mother magazines and a top tech innovator by InformationWeek. More information is available at http://www.fhnc.com/" rel="nofollow">www.fhnc.com.
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