MEMPHIS, Tenn., Jan. 23, 2018 (GLOBE NEWSWIRE) -- First Horizon National Corp.'s (NYSE:FHN) is increasing its quarterly cash dividend on common stock by 33 percent. First Horizon’s board of directors has approved payment of a quarterly cash dividend on its common stock of $0.12 per share payable on April 2, 2018 to the common shareholders of record on March 9, 2018. The per-share quarterly cash dividend in 2017 was $0.09 so the increase raises the regular annual common dividend rate from $0.36 per share to $0.48 per share.
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, 2018, to shareholders of record on March 23, 2018.
In addition, the board of directors approved a new $250 million common share purchase program that will expire on January 31, 2020. 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 general share purchase program. The board terminated the older program, which was originally announced in 2014, had approximately $190 million remaining in available share purchase authority, and was scheduled to expire on January 31, 2018.
About First Horizon
First Horizon National Corp. (NYSE:FHN) provides financial services through its First Tennessee, Capital Bank, FTB Advisors, and FTN Financial businesses. First Horizon operates more than 350 bank locations across the southern U.S. and 28 FTN Financial offices across the entire U.S. Our banking subsidiary was founded in 1864 and 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. We have been ranked by American Banker as No. 5 among the Top 10 Most Reputable U.S. Banks. Our FTB Advisors wealth management group has over 300 financial advisors and about $30 billion in assets under administration. FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. We have been recognized as one of the nation’s best employers by Working Mother and American Banker magazines and the National Association for Female Executives. More information is available at www.FirstHorizon.com.
First Horizon Investor Relations, Aarti Bowman, (901) 523-4017
First Horizon Media Relations, James Dowd, (901) 523-4305
Source:First Horizon National Corporation