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MEMPHIS, Tenn., Apr 20, 2010 (GlobeNewswire via COMTEX News Network) -- The board of directors of First Horizon National Corp. (NYSE:FHN) has approved distribution to common shareholders of a quarterly dividend payable in common stock at the rate of 1.2896 percent. The dividend will be distributed on July 1, 2010, to holders of record on June 11, 2010. The dividend rate means that 12.896 new dividend shares will be distributed for every 1,000 shares held on the record date.
The dividend rate was determined to provide shareholders with new shares having a value of 20 cents for each share held on the record date, based on First Horizon's volume-weighted average stock price on April 15, 2010, of $15.5092 per share.
Dividend shares, including any fractional shares, will be issued electronically and distributed to shareholders of record in direct registration form through First Horizon's transfer agent. Each record shareholder will receive a statement indicating the number of dividend shares deposited in his or her account. Paper stock certificates for whole shares will be available upon request from our transfer agent.
In addition, the board approved payment of the quarterly cash dividend on the Fixed Rate Cumulative Perpetual Preferred Stock, Series CPP, issued to the U.S. Treasury, at the 5 percent annual dividend rate. That dividend is payable on May 17, 2010, to the holder of record on April 23, 2010.
About First Horizon
The 5,500 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through more than 180 bank locations in and around Tennessee and 18 FTN Financial Group offices in the U.S. and abroad. First Tennessee has the leading combined market deposit share in the 17 Tennessee counties where it does business and one of the highest customer retention rates of any bank in the country. FTN Financial is an industry leader in fixed income sales, trading and strategies for institutional clients in the U.S. and abroad. FHN has been recognized as one of the nation's best employers by AARP and Working Mother magazines. More information can be found at www.fhnc.com.
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SOURCE: First Horizon National Corporation
CONTACT: First Horizon National Corporation Investor Relations: Aarti Bowman (901) 523-4017 Media Relations: Anthony Hicks (901) 523-4726
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