-
Mr. Swanick got one thing right in his piece "So Where Are Those Post-Durbin Price Reductions for Consumers?" (Oct. 10): "No one likes price increases, especially when they appear suddenly and without apparent justification." Hidden, unjustified price increases are what the merchant community and our customers have been facing for years with the way big banks and card networks collude to set both credit and debit card interchange swipe fee prices.
October 18 -
First Tennessee Bank in Memphis is taking an unusual approach with its new debit card fees: instead of collecting a monthly fee, the bank will charge its customers a few cents every time they use their debit cards.
October 6
First Horizon National Corp. Chief Executive Bryan Jordan got a chance Thursday to clear the air: he's not the former two-sport star of (almost) the same name.
"There are still a few people who make that connection," Jordan joked while discussing the Memphis bank's announcement that Jordan (the banker) will add the title of chairman on Jan. 1. "I always liked him … I'm a little older than the other
Age played a part in Thursday's announcement, as the current First Horizon chairman, Mike Rose, is approaching the bank's mandatory retirement age of 70 and has to step aside.
Jordan, 49, who has been CEO for three years, is not promising any major changes after the consolidation of power. He said he has a good relationship with the board, and together they have been working through a steady turnaround plan.
"We've made great progress on our key initiatives," he said in an interview. "Our company is executing very well."
Corporate governance experts generally favor that the CEO and chairman roles be placed in separate hands, but the board has a "strong lead outside director" in
One of First Horizon's biggest moves recently was the institution of
First Horizon had to do something to offset the $17 million to $20 million reduction in debit fees expected each year as a result of the Durbin rule, Jordan said.
The move has not gotten as much attention as
He "not ruling in or out" any other fees, he says.
Mortgage woes and overexpansion hurt First Horzon, but it has been cleaning up its troubled loans, exiting
Jordan blamed higher-than-expected mortgage repurchase costs and other factors. But he emphasized First Horizon's deposit growth, strong capital markets performance and other improvements.
It wants to guard its capital, but, in the long run, with a gradual consolidation of the industry expected, the company has positioned itself to grow by acquisition, Jordan said.
In the short run, though, he will have an eye on baseball again, given that the St. Louis Cardinals are in
