First Horizon Expands Share Purchase Program and Increases Common Dividend by 17%
MEMPHIS, Tenn., Jan. 29, 2019 (GLOBE NEWSWIRE) -- First Horizon National Corp.’s (NYSE:FHN) board of directors today expanded its 2018 common share purchase program and increased its common dividend:
-- The board amended the common share purchase program to provide First Horizon with $250 million of additional share purchase authority for a new total authorization of $500 million. The program was also extended by one year to expire on January 31, 2021 and has approximately $400 million of remaining authorization. 1 -- The board approved payment of a quarterly cash dividend on First Horizon’s common stock of $0.14 per share, an increase of 17 percent from 2018. 1 -- The board approved payment of a quarterly cash dividend of $1,550.00 per share on First Horizon’s Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). 1
1The 2018 share purchase program is not tied to any compensation plan and purchases will continue to be made in the open market or through privately negotiated transactions subject to market conditions, accumulation of excess equity, prudent capital management, and legal and regulatory restrictions. The common dividend is payable on April 1, 2019 to the common shareholders of record on March 15, 2019. The dividend on the Series A Preferred Stock 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 and is payable April 10, 2019 to shareholders of record on March 26, 2019.
About First HorizonFirst Horizon National Corp. (NYSE:FHN) provides financial services through its First Tennessee, Capital Bank, FTB Advisors, and FTN Financial businesses. First Horizon operates approximately 300 bank locations across the southern U.S. and 28 FTN Financial offices across the entire U.S. Our banking subsidiary, founded in 1864, has the 14th oldest national bank charter in the country. Our First Tennessee and Capital Bank brands have the largest deposit market share in Tennessee and one of the highest customer retention rates of any bank in the country. American Banker Magazine has also ranked us, as No. 5 among the Top 10 Most Reputable U.S. Banks. Our FTB Advisors wealth management group has more than 300 financial professionals and provides services to about $4.8 billion in assets under management. FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. American Banker magazine and the National Association for Female Executives have also recognized the company as one of the nation’s best employers. More information is available at www.FirstHorizon.com.
FHN-GCONTACT: First Horizon Investor Relations, Aarti Bowman, (901) 523-4017 First Horizon Media Relations, Silvia Alvarez, (901) 523-4465