Corporate History
Chartered in 1864 as First National Bank, First Horizon National Corporation (FHN) has grown to be one of the largest bank holding companies in the United States in terms of asset size.
FHN's approximately 6,000 employees provides financial services through about 180 bank locations in and around Tennessee and 21 FTN Financial Group offices in the U.S. and abroad. AARP and Working Mother magazine have recognized FHN as one of the nation's best employers.
In a transaction that closed on August 31, 2008, First Horizon sold to MetLife Bank, N.A., a wholly owned subsidiary of MetLife, Inc. (NYSE:MET), its approximately 250 mortgage production offices outside Tennessee and its loan origination and servicing platforms. Included in the transaction were approximately $380 million of total assets, including servicing rights related to $19 billion of first lien mortgage loans (all FNMA-conforming), and $300 million of custodial deposits related to assets sold.
First Tennessee Bank, First Horizon's principal banking subsidiary, continues to originate mortgages for customers in the bank's Tennessee-based market footprint.
The Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac (the Enterprises), on September 2, 2011 filed lawsuits against 17 financial institutions, including First Horizon National Corporation, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises. Officers named in the FHFA lawsuit include Gerald L. Baker was (a) the Chief Executive Officer, President, and a Director of Defendant First Horizon Asset Securities; (b) the Chief Executive Officer and President of Defendant First Tennessee; and (c) the President and Chief Executive Officer of Defendant First Horizon National; Peter F. Makowiecki was (a) the Chief Financial Officer and Treasurer of Defendant First Horizon Asset Securities; and (b) the President and Chief Executive Officer of Defendant First Horizon Home Loan beginning in January 2006, after previously serving as its Chief Financial Officer; Charles G. Burkett was (a) a Director of First Horizon Asset Securities; (b) the President of Banking of Defendant First Tennessee, and (c) the President of Banking of Defendant First Horizon National; and Thomas J. Wageman who was a Director of Defendant First Horizon Asset Securities.
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