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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Horizon Corporation | NYSE:FHN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.95 | 0 | 01:00:00 |
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Coastal’s government-guaranteed loan products, combined with FTN Financial’s existing SBA trading activities, will establish an additional major product sector for FTN Financial, resulting in increased revenue and product diversification. Michael E. Kisber, president of FTN Financial, said, “With more than 25 years of experience, Coastal has established itself as a market leader in the SBA and USDA product sectors. A pioneer in the pooling of SBA loans, Coastal consistently ranks annually as one of the top pool assemblers, providing important market liquidity to facilitate ongoing government-guaranteed lending activities across the nation.”
Chris LaPorte, chairman of Coastal Financial Holdings Inc. (CFH), Coastal’s parent company, said, “The combination of our deep expertise in government-guaranteed loan products with FTN Financial’s extensive distribution platform, liquidity and capital presents a compelling opportunity for our customers, employees and shareholders. Our team at Coastal looks forward to joining with FTN Financial to enhance our market position and create further value for our clients.”
The transaction, which has been approved by the boards of directors of First Horizon National Corporation (NYSE:FHN), FTN Financial’s parent company, and CFH is subject to regulatory approvals, the affirmative vote of CFH shareholders and other customary closing conditions. Upon closing, the transaction is expected to be immediately accretive to First Horizon’s earnings per share, return on tangible common equity and return on assets. A slide presentation outlining details of the transaction will be available in the investor relations section of www.FirstHorizon.com.
About FTN FinancialFTN Financial is an industry leader in fixed income sales, trading and strategies for institutional customers in the US and abroad. We also provide investment services and balance sheet management solutions. With an average daily trading volume of $5+ billion, FTN Financial transacts business with more than 5,000 institutional customers and approximately 50 percent of all US banks with portfolios of more than $100 million.1 Learn more at www.ftnfinancial.com.
1 For 24-month period ending 4Q15.
FHN-G
CONTACT: Investor Relations: Aarti Bowman, (901) 523-4017, aagoorha@firsthorizon.com Media Relations: Sally Pace, (901) 435-7956, sally.pace@ftnfinancial.com
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