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Big News at First Tennessee

The Memphis-based parent company of First Tennessee announced two big pieces of news Monday morning.

First, the company is repaying its entire obligation under the Troubled Asset Relief Program, an emergency program the government created in 2008 to rescue the financial system.

First Horizon got $866 million in new capital via TARP. The company is repaying that by issuing new stock and through a debt offering.

Also Monday, the company announced its plan in 2011 to renew paying out dividends in cash, as opposed to more stock.

This is a big moment for the state’s largest locally-based bank.

Read more in Tuesday’s Daily News.

Dansette

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