Full Description

First Horizon National Corporation (Corporation), incorporated in 1968, is a bank holding company. Through its financial subsidiary, First Tennessee Bank National Association (the Bank) and its other banking-related subsidiaries, the Corporation provides diversified financial services. The Company operates in five business segments: regional banking, capital markets, national specialty lending, mortgage banking and corporate. During the year ended December 31, 2008, the Company’s subsidiaries had over 200 business locations in 15 states of the United States, Hong Kong, and Tokyo. In 2008, the Bank had 202 financial center bank branch locations in three states: 191 branches in 17 Tennessee counties, two branches in Georgia and nine branches in Mississippi. Financial center bank branches provide a range of banking services. The Bank also has off-premises automated teller machines (ATMs) and support offices in its banking markets, and offices associated with its headquarters in Memphis, Tennessee.

In 2008, the services provided by the Company, through its subsidiaries include general banking services for consumers, businesses, financial institutions, and governments, mortgage banking services, through FTN Financial – sales, trading, and underwriting of bank-eligible securities and other fixed-income securities eligible for underwriting by financial subsidiaries; equity sales, trading, and research; loan sales; advisory services; correspondent banking; and structured finance, and transaction processing, including nationwide check clearing services and remittance processing. The Company is also engaged in providing trust, fiduciary, agency services, discount brokerage and full brokerage, equipment finance, investment and financial advisory services, mutual fund sales as agent, retail and commercial insurance sales as agent, private mortgage reinsurance, and services related to health savings account.

The investment portfolio of the Company includes government agency issued mortgage-backed securities and collateralized mortgage obligations, United States securities, other United States government agencies, states and municipalities, and others. The loan portfolio of the Company includes commercial, financial and industrial loan; real estate commercial loan; real estate construction loan; other retail; credit card receivables, and real estate loans pledged against other collaterized borrowings. The short term borrowings of the Company include federal funds purchased and securities sold under agreements to purchase, commercial paper, trading liabilities, and other short-term borrowings.