MEMPHIS, Tenn., Jan. 23, 2013 (GLOBE NEWSWIRE) -- First Horizon National Corp. (NYSE:FHN) continues to return capital to shareholders with a quarterly dividend increase to 5 cents from 1 cent per share of common stock and a $100 million increase in its stock buyback program. The cash dividend is payable April 1 to common shareholders of record on March 15.
"Returning capital to our shareholders is an important part of our plan to create shareholder value," said Bryan Jordan, First Horizon chairman and CEO. "This is a good way to start 2013, by rewarding our shareholders for their investment in us."
The $100 million addition increases the total for the stock buyback program the company initiated in October 2011 to $300 million, and the program has been extended through January 2014. By the end of 2012 First Horizon had purchased $175 million of common stock through the program, and with today's addition, the company has $125 million for future purchases. Under the program First Horizon is repurchasing the company's common stock in the open market, privately negotiated transactions or otherwise, subject to market conditions.
About First Horizon
The 4,500 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through more than 170 First Tennessee Bank locations in and around Tennessee and 19 FTN Financial Group offices in the U.S. and abroad. First Tennessee has the leading combined market deposit share in the counties where it does business 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. FHN has been recognized as one of the nation's best employers by AARP and Working Mother magazines. More information is available at www.fhnc.com.
CONTACT: First Horizon Investor Relations, Aarti Bowman, (901) 523-4017 First Horizon Media Relations, Kim Cherry, (901) 230-8121
Source:First Horizon National Corporation