First Horizon Declares Cash Dividends on Common and Preferred Stock
First Horizon Corporation (NYSE: FHN) announced a quarterly common stock dividend of $0.15 per share, payable on April 3, 2023, to shareholders recorded by March 17, 2023. The Company also declared cash dividends on its preferred stock series: Series C at $165.00 per share, Series D at $305.00, Series E at $1,625.00, and Series F at $1,175.00. These payments are scheduled for May 1, 2023, and April 10, 2023. However, the common stock dividend will not be paid if the pending acquisition by TD Bank Group is completed before the record date.
- Declared a common stock dividend of $0.15 per share.
- Preferred stock dividends reinforce shareholder value.
- The common stock dividend may be forfeited if the acquisition by TD Bank Group completes before March 17, 2023.
MEMPHIS, Tenn., Jan. 24, 2023 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or the "Company") today announced that its board of directors has declared a quarterly common stock dividend of
Preferred Dividend Information
Cash dividends were also declared on the Company's Series C, Series D, Series E and Series F Preferred Stock, and on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock, as follows:
FHN Series C
Quarterly cash dividend of
FHN Series D
Semi-annual cash dividend of
FHN Series E
Quarterly cash dividend of
FHN Series F
Quarterly cash dividend of
First Horizon Bank Class A
Quarterly cash dividend of
Consequences of the Pending Acquisition by TD Bank Group
If the pending acquisition of First Horizon by TD Bank Group (the "TD Acquisition"), pursuant to the merger agreement dated February 27, 2022, is completed before March 17, 2023 (the common stock record date), the common stock dividend described above will not be paid.
The FHN preferred stock described above and the First Horizon Bank Class A preferred stock will remain outstanding after the closing of the TD Acquisition. If, following the closing of the TD Acquisition, TD elects to effect the merger of FHN into TD Bank US Holding Company, at the effective time of such merger, each share of FHN preferred stock described above will be automatically converted into a share of a newly created, corresponding series of preferred stock of TD Bank US Holding Company having terms that are not materially less favorable than those of the existing series of FHN preferred stock. In addition, following the closing of the TD Acquisition, at the effective time of the merger of First Horizon Bank into TD Bank National Association ("TDBNA"), each share of First Horizon Bank Class A preferred stock will be automatically converted into a share of a newly created, corresponding series of preferred stock of TDBNA having terms that are not materially less favorable than those of the existing First Horizon Bank Class A preferred stock. The payment and timing of the dividends described in this notice will not be impacted by any such conversion of the FHN preferred stock into TD Bank US Holding Company preferred stock or the First Horizon Bank Class A preferred stock into TDBNA preferred stock.
The TD Acquisition is subject to customary closing conditions, including approvals from U.S. and Canadian regulatory authorities.
About First Horizon
First Horizon Corp. (NYSE: FHN), with
FHN-G
CONTACT: Investor Relations - investorrelations@firsthorizon.com
Media Relations - Beth Ardoin, (337) 278-6868
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SOURCE First Horizon Corporation
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