Monday, November 17, 2008
First Horizon receives $866M from feds
Memphis Business Journal
First Horizon National Corp. has received its $866 million capital injection from the U.S. Treasury Department, the company said Monday.
The parent company for First Tennessee Bank got the funds through the Treasury Department’s Capital Purchase Program. For its investment the Treasury got FHN preferred stock.
FHN will use the funds to invest in regional banking and capital markets and increase lending activity, it said in a statement.
The additional funding increases the bank’s Tier 1 capital ratio, a measure of financial strength, from 11.1 percent to 14.4 percent.
First Horizon (NYSE: FHN) is the largest bank holding company based in Memphis.
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