MEMPHIS, Tenn., May 5, 2008 (PRIME NEWSWIRE) -- First Horizon National Corp. (NYSE:FHN) today announced the completion of its sale of nine Atlanta branches to Fifth Third Bank, concluding the sale of all 34 of its First Horizon Bank branches in a strategy to focus on its strong regional banking franchise and capital markets business.
First Horizon announced plans to divest the branches in July 2007 as part of an ongoing effort to redeploy capital to the company's higher-return businesses. Branches were also sold to M&T Bank of Buffalo, N.Y., Sterling Bank of Houston, Texas, and FMCB Holdings Inc. of Senoia, Ga.
"The conclusion of the branch sales and other recent measures, including our successful public stock offering and reduction of our national real estate portfolio, are consistent with refocusing our strategy on being a strong regional financial services company," said First Horizon CEO Jerry Baker.
About First Horizon
The 10,000 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:
* Retail/commercial banking, with the largest market share in Tennessee and one of the highest customer retention rates of any bank in the country * 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
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
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