First Horizon Corporation Announces Redemption of Series A Preferred Stock and Corresponding Series A Depositary Shares

Rhea-AI Summary

First Horizon Corporation (NYSE: FHN) has announced the redemption of all outstanding shares of its Non-Cumulative Perpetual Preferred Stock, Series A, on July 10, 2021. The redemption price is set at $25.00 per Series A Depositary Share, totaling $100,000 per preferred share. This redemption coincides with a dividend payment date; the regular quarterly dividend will be paid separately on July 12, 2021, to shareholders of record as of June 25, 2021. As of March 31, 2021, First Horizon holds $87.5 billion in assets and operates across 12 states.

Positive

• Redemption of Series A Preferred Stock indicates a strong capital position.
• Quarterly dividend payment scheduled, reinforcing commitment to shareholders.

Negative

• None.

MEMPHIS, Tenn., May 13, 2021 (GLOBE NEWSWIRE) -- First Horizon Corporation (NYSE: FHN) today announced that on July 10, 2021 (the “Redemption Date”), it will redeem all outstanding shares of its Non-Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock"), and all related outstanding depositary shares, each representing a 1/4,000th interest in a share of the Series A Preferred Stock (“the Series A Depositary Shares”) (NYSE: FHN.PR A). After the redemptions, no shares of Series A Preferred Stock, and no Series A Depositary Shares, will remain outstanding.

The redemption price will be $25.00 per Series A Depository Share, corresponding to $100,000 per share of Series A Preferred Stock. Accrued dividends will not be included in either redemption price because the Redemption Date is also a dividend payment date. The regular Series A quarterly dividend, which was declared in April, will be paid separately in the customary manner on July 12, 2021 to shareholders of record at the close of business on June 25, 2021.

Questions relating to the redemption should be directed to the redemption agent, Equiniti Trust Company, at 1110 Centre Pointe Curve, Suite 101, Mendota Heights, Minnesota 55120 or 1-800-468-9716. Shareholders owning depositary shares through a broker, bank or other nominee may also contact that party for information.

About First Horizon
First Horizon Corp. (NYSE: FHN), with $87.5 billion in assets as of March 31, 2021, is a leading regional financial services company, dedicated to strengthening the lives of our associates, clients, shareholders, and communities. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the Southeast. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon is recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. bank. More information is available at www.FirstHorizon.com.

FHN-G

CONTACT:

Investor Relations, Ellen Taylor, (901) 523-4450
Media Relations, Beth Ardoin, (337) 278-6868

FAQ

What is the redemption date for First Horizon's Series A Preferred Stock?

The redemption date is July 10, 2021.

What is the redemption price for the Series A Depositary Shares?

The redemption price is $25.00 per Series A Depositary Share.

When will the quarterly dividend for Series A be paid?

The quarterly dividend will be paid on July 12, 2021.

What is the significance of redeeming the Series A Preferred Stock for First Horizon?

It reflects a strong capital position and a strategic move to simplify the capital structure.

How many states does First Horizon operate in?

First Horizon operates in 12 states across the Southeast.