Mike Edwards takes one in the kisser
Posted on October 29, 2009 at 3:12 pm
Now in the River City, the former Nashville-area president for First Tennessee Bank has helped get the Memphis Grizzlies season off to a kickin’ start.
The ball bounced into the stands followed by Tayshaun Prince of the Detroit Pistons. Prince jumped over Edwards.
Well, nearly. One sneaker did not make it over.
HT: Josh Flory
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First Tennessee shuffling leadership
Posted on August 28, 2009 at 11:54 am
Josh Flory checks in with some interesting management news from First Tennessee. The bank has lured King Purnell, a former SunTrust regional president, to lead its commercial real estate line of business statewide, a new approach that bank leaders say complements the market-based org chart the bank has long used.
“We’ll have very focused attention on (each) line of business,” [Charles Burkett] said. “These are the businesses that we want to be in, that we want to grow, we want to support, and it gets our people servicing customers in those segments with additional focus on it.”
SEE ALSO: Naomi Snyder with the corresponding Nashville news that ends up with Mike Edwards in Memphis and Doyle Rippee in charge of Middle Tennessee.
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Pinnacle snags big-shot Knoxville banker
Posted on July 1, 2009 at 11:25 pmThe largest bank headquartered in Nashville continues its push into Knoxville with the hiring of a former First Tennessee senior VP. Pinnacle (Ticker: PNFP) entered Knoxville two years ago and, based on these numbers presented last month, is on track to meet its goals there.
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Fitch: First Tennessee not out of the woods
Posted on June 30, 2009 at 12:59 pmCredit ratings group Fitch says First Tennessee, which in many ways got a headstart on dealing with last year’s banking crisis, still has a credit mess on its hands.
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This year’s HR award winners
Posted on June 3, 2009 at 10:41 pm
Belmont University and First Tennessee Bank have been named the 2009 winners of the eighth annual HR Excellence Program.
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More retail bank customers can’t get no satisfaction
Posted on May 19, 2009 at 3:38 pmThe latest study by J.D. Power on people’s happiness with their bank shows a not-surprising drop in comfort level due to the financial crisis. Barely a third of all respondents now say they are satisfied with their financial institution. Among banks active in the Nashville area, First Tennessee, First Citizens and BB&T lead the way.
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First Tennessee checks out of some stores
Posted on May 7, 2009 at 3:40 pmThe largest bank headquartered in Tennessee is saying goodbye to a number of its Memphis-area supermarket locations.
HT: The Bank Draft
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Rating agencies take aim at regional banks
Posted on April 24, 2009 at 12:56 amS&P has lowered its rating on First Horizon, saying the parent of First Tennessee is likely to face even more bad loans later this year. Over at Moody’s, analysts slashed their rating on SunTrust by three notches over concerns that the bank’s capital position will continue to deteriorate.
They also cited the bank’s commercial real estate exposure as a factor. Their peers at Deutsche yesterday said losses from that sector could reach $1 trillion, a number that is “likely to dominate the industry for the better part of a decade.”
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First Horizon loss bigger than expected
Posted on April 17, 2009 at 8:34 amThe parent of First Tennessee Bank lost $82.8 million in the first quarter as it increased its loan loss provision by $20 million and charge-offs rose to a shade under 4 percent. Per-share losses from continuing operations were 39 cents, well above the 25 cents analysts had been expecting. That has shares (Ticker: FHN) down almost 10 percent in early trading.
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The good and the bad at First Horizon
Posted on February 6, 2009 at 9:19 am
A few tidbits from First Horizon’s latest analyst presentation:
- Page 7: We used TARP money to lend $925 million in mortgages and consumer and business loans.
- Page 9: A whopping 15 percent of our residential real estate loans in our core (i.e. Tennessee) territory are not performing and about 4.5 percent are at least 30 days behind.
- Page 15: We sure hope the 2007 line for home equity loan charge-offs doesn’t follow the 2000 one.
- Page 25: December was a good month for deposit growth.
- Page 30: Due in part to, ahem, “competitor disruptions,” our bond traders made some serious coin in the fourth quarter.
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Morgan Stanley on First Horizon: ‘Remarkable progress’
Posted on February 3, 2009 at 2:03 pmFrom today’s Bloomberg Radio wrap: Morgan Stanley has raised its rating on the parent of First Tennessee Bank (Ticker: FHN) to ‘overweight’ from ‘equal weight.’ In a note, it said the company has “shown remarkable progress in addressing its problem credits by shrinking its balance sheet and building reserves.”
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Mortgages? Get ‘em outta here
Posted on January 28, 2009 at 8:57 am
Once a poster child for the mortgage boom, First Tennessee says it has sold the servicing rights to $14 billion in Fannie and Freddie loans to an undisclosed investor. The bank still has almost $50 billion in servicing rights on its books.
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Analyst action: Healthcare Realty, First Horizon
Posted on January 20, 2009 at 12:09 pmFrom the Journal’s Markets Data Center: Robert W. Baird has lifted Healthcare Realty (Ticker: HR) to ‘neutral’ from ‘underperform’ and put a $19 price target on the stock. Uh, they closed at $19.14 on Friday.
Meanwhile, Friedman Billings has lowered its target on the shares of First Horizon (Ticker: FHN) from $10 to $8. The parent of First Tennessee is up about 2 percent on another day that looks to end with the major indices well in the red.
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You know, the ones whose nest eggs have vanished
Posted on January 5, 2009 at 2:45 pmThe AARP is again seeking nominations for the best employers for folks over 50. First Tennessee’s parent has won in the past.
First Horizon, the only Tennessee company on the list, assigns workers over age 50 a personal counselor to assist in retirement planning, provides access to Mayo Clinic resources and specifically targets older workers to recruit.
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Brick-and-mortar milestone for First Tennessee
Posted on December 17, 2008 at 10:31 amFirst Tennessee now trails only Regions and SunTrust when it comes to Nashville-area branches.
MURFREESBORO, Tenn. – Dec. 17, 2008 – As a part of its Middle Tennessee expansion effort that began in October 2003, First Tennessee announces the opening of its 50th financial center, located at 2877 Medical Center Parkway in Murfreesboro.
“This new financial center will help us as we continue to develop strong relationships with our core banking customers throughout the Middle Tennessee region and in Rutherford County,” said Charlie Myatt, Rutherford County regional president for First Tennessee. “With the opening of 24 new financial centers in the Middle Tennessee market since 2003, First Tennessee continues to celebrate its role as a provider of convenient and reliable financial services for the entire community.”
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