MEMPHIS, Tenn., April 21, 2009 (GLOBE NEWSWIRE) -- First Horizon National Corp.'s (NYSE:FHN) board of directors has approved distribution to common shareholders of a quarterly dividend payable in common stock at the rate of 1.5782 percent. The dividend will be distributed on July 1, 2009 to holders of record on June 12, 2009. The dividend rate means that 15.782 new dividend shares will be distributed for every 1,000 shares held on the record date.
The dividend rate was determined to provide shareholders with new shares having a value of 20 cents for each share held on the record date, based on First Horizon's volume-weighted average stock price on Apr. 16 of $12.6723 per share.
Dividend shares, including any fractional shares, will be issued electronically and distributed to shareholders of record in direct registration form through First Horizon's transfer agent. Each record shareholder will receive a statement indicating the number of dividend shares deposited in his or her account. Paper stock certificates for whole shares will be available upon request from our transfer agent.
In addition, the board approved payment of the 5 percent quarterly cash dividend on the Fixed Rate Cumulative Perpetual Preferred Stock, Series CPP, issued to the U.S. Treasury. That dividend is payable on May 15, 2009, to the holder of record Apr. 24, 2009.
The board also approved Chairman Mike Rose's move from executive chairman of the board to non-executive chairman of the board effective immediately. Rose became executive chairman of the board in January 2007 as Jerry Baker became CEO. On Sept 1, 2008, Bryan Jordan became CEO as Baker prepared to retire at the end of the year.
"The board and I agreed that I would serve in an executive role during what we realized would be a time of significant change for this company," said Rose. "Since then we have refocused our strategy on our core businesses that we know how to manage so well. We have a strong CEO and management team in place. And now the board and I agree that it's time for me to move to a non-executive role and focus my energy on the work of the board while leaving the management of the company to the strong CEO and leadership team that's in place today."
About First Horizon
The 6,000 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through approximately 200 bank locations in and around Tennessee and 19 capital markets offices in the U.S. and abroad. First Tennessee has the leading combined deposit market share in the 17 Tennessee counties where it does business and has one of the highest customer retention rates of any bank in the country. FTN Financial is an 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 can be found at www.fhnc.com .
FHN-G