Paying back Uncle Sam

A regulatory filing Wednesday afternoon from First Tennessee Bank’s parent company First Horizon National Corp:

“On March 9, 2011, First Horizon National Corporation completed the purchase and cancellation of a common stock purchase warrant issued to the U.S. Department of the Treasury in 2008 in connection with First Horizon’s participation in the Treasury’s Capital Purchase Program. The warrant had given to the Treasury the right to purchase 14,842,321 of First Horizon’s common shares for $8.757 per share. First Horizon paid the Treasury $79.7 million to purchase the warrant. The warrant purchase was preceded by First Horizon’s purchase on December 22, 2010 of all outstanding shares of preferred stock which First Horizon had issued to the Treasury in 2008 under the Capital Purchase Program. The Treasury no longer holds any securities of First Horizon under that Program.”

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Dansette

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