- Maryland
First Horizon National Corp. in Memphis expects to be fined up to $11.5 million by federal arbitration panel, in a dispute over its sale of preferred-term securities to First United Corp. in Oakland, Md.
October 27 - Tennessee
First Horizon National Corp. reported a sharp increase in its third-quarter profit as an increase in average loans, lower overhead and a decrease in income tax payments helped to offset a 9% decline in total revenue.
October 16 -
First United in Oakland, Md., has promoted Tonya Sturm to chief financial officer.
June 2
First Horizon National in Memphis, Tenn., will record an $11.6 million expense in the third quarter, after an arbitration panel officially ruled against it in a securities-related dispute with First United Corp. in Oakland, Md.
The $25.4 billion-asset holding company for First Tennessee Bank will record the pretax expense retroactive to the third quarter, according to a
The decision had been expected. First Horizon had warned earlier last week that it
In a
The dispute centered around sales of preferred-term securities by First Horizon's FTN Financial Securities unit, to two customers, including First United Bank & Trust, a unit of First United Corp.
First United accused First Horizon, in its recommendation to purchase certain trust-preferred securities, of fraud, breach of fiduciary duty, breach of contract and violation of rules concerning suitability and other regulatory standards. First United had sought damages of up to $46.5 million.
