MEMPHIS, Tenn., June 13, 2023 /PRNewswire/ -- First Horizon Corp. (NYSE:FHN or "First Horizon") announced today that, effective prior to the opening of business on Tuesday, June 20, 2023, the Company will be added to the KBW Nasdaq Bank Index (BKX) as part of index rebalancing for the second quarter of 2023. First Horizon was historically part of the BKX and was removed in the third quarter 2022 rebalance due the pending acquisition by Toronto-Dominion Bank which was subsequently terminated on May 4, 2023.
"We are delighted to welcome First Horizon back to the KBW Nasdaq Bank Index," said Thomas B. Michaud, KBW President and CEO. "First Horizon has consistently been a best-in-class industry leader with a strong growth profile, located in attractive southeast markets."
"An important benchmark for regional bank stocks, we are pleased to rejoin the KBW Nasdaq Bank Index which is a representation of our ongoing strength and stability," says First Horizon Chairman, President and CEO Bryan Jordan. "We are well positioned to continue to leverage our strong capital position and diversified client base to deliver shareholder value."
The KBW Nasdaq Bank Index is a modified market-capitalization weighted listed index that tracks the performance of 24 leading banking institutions publicly traded in the United States. It allows investors to track and keep pace with the top banking institutions through a single index of companies. In addition, the Invesco KBW Bank ETF (KBWB) passively tracks BKX with $1.4 billion in assets under management.
KBWB is the only U.S. listed ETF focused exclusively on the investable large-cap domestic banking industry. KBWB passively tracks BKX which offers investors the most large-cap bank exposure and is the optimal choice for investors seeking the most precise replication of large-cap banking industry trends.
About First Horizon
First Horizon Corp. (NYSE: FHN), with $80.7 billion in assets as of March 31, 2023, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking
subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been 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.
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SOURCE First Horizon Corporation
