MEMPHIS, Tenn., May 9, 2007 (PRIME NEWSWIRE) -- First Horizon National Corp's (NYSE:FHN) First Horizon Home Loans mortgage group has acquired Republic Mortgage LLC. The strategic acquisition of retail and prime-focused Republic Mortgage, with its four branches throughout the Las Vegas area, immediately enhances First Horizon's presence in the significant Nevada marketplace. Terms of the deal were not disclosed.
"Republic Mortgage's reputation as well as its in-house loan processing, underwriting and funding make it the right team to build our presence in this key market," said Pete Makowiecki, president of First Horizon Home Loans. "The added origination capability of the Republic Mortgage employees will position us well in Nevada as the mortgage market improves overall. We welcome everyone at Republic Mortgage and look forward to their contributions."
Founded in 1988, Republic Mortgage is Nevada's largest employee-owned mortgage company, with $1.092 billion in originated loans in 2006.
"Our mission has always been to set a high standard in a highly competitive industry," said Beverly House-Myers, Republic Mortgage's owner. "The decision to join First Horizon will enable us to offer even more to our customers while we continue to put the people we serve first."
Republic Mortgage's offices will become First Horizon Home Loans offices on June 1, enabling employees to offer a much wider array of products and services including more than 450 mortgage products, equity-based financing, credit cards, personal banking services, investments, insurance and products designed specifically for small business owners.
First Horizon has mortgage offices in 46 states. Executives have said the company plans to make targeted acquisitions like the Nevada acquisition to enhance its presence in selected markets.
About First Horizon
The 12,000 employees of First Horizon National Corp. (NYSE:FHN) provide financial services to individuals and business customers through hundreds of offices located in more than 40 states. The corporation's three major brands -- FTN Financial, First Horizon and First Tennessee -- provide customers with a broad range of products and services including:
* Capital markets, one of the nation's top underwriters of U.S. government agency securities * Mortgage banking, one of the nation's top mortgage originators and recipient of consecutive awards for servicing excellence from Fannie Mae and Freddie Mac * Retail/commercial banking, with the largest market share in Tennessee and one of the highest customer retention rates of any bank in the country
FHN companies have been recognized as some of the nation's best employers by AARP, Working Mother and Fortune magazines. FHN also was named one of the nation's 100 best corporate citizens by CRO magazine. More information can be found at www.fhnc.com.