First Horizon National Corporation is a bank holding company based in Memphis, Tennessee, United States, with $39.5 billion in assets assuming completion of its latest acquisition. It is the parent company of First Tennessee Bank, FTN Financial, FTB Advisors, Inc., and a host of other insurance and financial services companies.
- First Tennessee (regional bank)
- FTB Advisors, Inc. (wealth management services)
- FTN Financial (fixed income sales and trading services for institutional clients)
Services
First Tennessee banking services are available to individual consumers as well as businesses of all sizes. Combined, the bank’s customer base represents the largest deposit share in four of Tennessee’s five major metropolitan areas. First Tennessee has one of the highest customer retention rates of any bank in the country. First Tennessee offers customers a wide range of wealth management services through its affiliate, FTB Advisors, Inc. FTB Advisors was launched as the primary name for First Tennessee’s Wealth Management division in 2013, but the company has been supporting affluent customers for much of its history. The company’s services include guidance focused on investments, retirement, insurance, trusts, financial planning, and estate planning. FTN Financial provides fixed income sales, trading, and strategies for institutional customers in the U.S. and abroad. FTN Financial also provides investment services and balance sheet management solutions. With an average daily trading volume of over $5 billion, FTN transacts business with approximately one-half of all domestic depository institutions with portfolios larger than $100 million
History
Frank S. Davis started First National Bank in Memphis, the first nationally-chartered bank there after passage of the National Banking Act of 1863. The charter was received March 25, 1864. First National continued to grow after the Civil War, but the Yellow Fever epidemics from 1867 through 1878 halted further growth for a time. From the end of the 19th Century through the 1920s, First National grew in Memphis, acquiring the German Bank (1895) and merging with Central-State National Bank (1926). In 1914 First National participated in the organization of the Federal Reserve Bank of Saint Louis.
After the financial stresses of the Great Depression, First National again began to expand by opening suburban branches, the first in 1942, and by 1952 operated seven Memphis-area branches. In 1964, the bank moved into a new twenty-three-story headquarters in downtown Memphis. By 1967, First National Bank of Memphis was the Mid-South’s largest bank, when it was reorganized as the First National Holding Company. The First Tennessee National Corporation was formed 1971 to allowed the company to acquire other Tennessee banks. First Tennessee diversified its operations in the 1980s by expanding into nationwide check-clearing service, discount brokerage services, mortgage loan-origination, and insurance business. To reflect its growing diversification, in 1999 the bank adopted the slogan, All Things Financial.
In 2003 First Tennessee opened the first branch of First Horizon Bank in northern Virginia, later expanding into Atlanta and Dallas-Fort Worth. First Tennessee's national operations and aspirations were reflected when it changed its name in 2004 to First Horizon National Corporation. However, the financial crisis of 2007 caused a retrenchment from these markets, and all 34 of its First Horizon Bank branches were sold to other banks. M&T Bank., a subsidiary of M&T Bank Corp. of Buffalo, N.Y.purchased 13 First Horizon Bank branches in Northern Virginia and Maryland. Sterling Bank of Houston, Texas purchased 10 branch locations in the Dallas/Ft. Worth Metroplex market, Fifth Third Bancorp of Cincinnati, Ohio purchased 9 Georgia branches in the Atlanta market, and FMCB Holdings Inc. of Senoia, Georgia purchased two remaining Georgia branches.
In 2017, Capital Bank Financial agreed to a $2.2 billion purchase by First Horizon. On completion, First Horizon will have $40 billion in assets, and the Capital Bank name will continue to be used outside Tennessee. The deal makes First Horizon the fourth largest regional banking company in the Southeast.
References
External links
- Corporate Website
- Yahoo! - First Horizon National Corp Company Profile
- First Tennessee
- FTB Advisors
- FTN Financial