First Horizon National Corp., First Tennessee’s parent corporation, 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 12 cents 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 nine cents, so the increase raises the regular annual common dividend rate from 36 cents per share to 48 cents per share.
Dave Miller, East Tennessee Region president, said: “2017 was a strong year for First Tennessee in the Knoxville area. Our bankers did an outstanding job taking care of our clients which contributed to solid increases across our business.
“We also closed on our merger with Capital Bank late in the year, adding talented bankers and new client relationships to our growing franchise. With a strong local economy and new tailwinds from lower taxes, 2018 is shaping up to be another good year for us and for East Tennessee.”
First Horizon National Corp. (NYSE:FHN) directors also approved payment of a quarterly cash dividend of $1,550 per share on FHN’s non-cumulative perpetual preferred stock, series A. This equates to a cash dividend of $0.387500 per depositary share, 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.
First Horizon operates more than 350 bank locations across the southern United States and 28 FTN Financial offices across the entire U.S. The banking subsidiary was founded in 1864 and has the 14th oldest national bank charter in the country. 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, according to a company press release.