First Horizon National Corporation's board of directors expanded First Horizon’s 2014 common share purchase program based on the financial position of the company. As amended the program provides First Horizon with $150 million of new authority, or approximately $210 million in currently available authority, to make share purchases, and it will expire on Jan. 31, 2018.
Purchases will continue to be made in the open market or through privately negotiated transactions and will be subject to market conditions, accumulation of excess equity, prudent capital management and legal and regulatory restrictions. The 2014 program, originally announced in January 2014 and previously amended in July 2015, is not tied to any compensation plan.
In addition, the board of directors has approved payment of a quarterly cash dividend on First Horizon’s common stock of $.07 per share. The dividend is payable on July 1 to the common shareholders of record on June 10.
The board of directors has also approved payment of a quarterly cash dividend of $1,550 per share on First Horizon’s Non-Cumulative Perpetual Preferred Stock, Series A. This equates to a cash dividend of $.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 July 11, to the preferred shareholders of record on June 24.
First Tennessee is a part of First Horizon National Corporation.