First Tennessee purchases 13 branches First Tennessee Bank will further strengthen its leading market share in Tennessee with an agreement to purchase 13 branches and four remote ATMs from Bank of America. The banks expect the purchase of the branches in Middle and East Tennessee to close later this year following approval by regulators and satisfaction of customary closing conditions. First Tennessee will add approximately $660M of deposits at a deposit premium of 3.32% based on deposit balances near the time the transaction closes. First Tennessee is a subsidiary of First Horizon National.
First Horizon raises dividend 20% to 6c per share First Horizon National board has approved payment of a quarterly cash dividend on its common stock of 6c per share. This represents a 20% increase over the 5c per share quarterly cash dividend paid for the last two years. The increase raises the regular annual common dividend rate from 20c per share to 24c per share. The dividend is payable on April 1, to the common shareholders of record on March 13.