Frank S. Davis founded First National Bank, the first nationally chartered bank in Memphis, after passage of the National Banking Act of 1863. Though the city was under martial law after being captured by Union forces in the Civil War, First National Bank of Memphis was officially chartered for business on March 25, 1864,) In 1977, First National also became First Tennessee Bank. During the 1980s, the company expanded into mortgage brokerage, mortgage loan origination, and insurance. In 2004, the company changed its name to First Horizon National Corporation to reflect its interstate growth. In May 2007, the company acquired Republic Mortgage, based in Las Vegas. In September 2007, the company sold 34 branches outside of Tennessee, including 13 branches to M&T Bank, 10 branches to Sterling Bank, 9 branches to Fifth Third, and 2 branches to FMCB Holdings. In June 2008, the company sold its residential-mortgage origination and servicing business to Metlife. In November 2008, the United States Department of the Treasury invested $866 million in the company as part of the Troubled Asset Relief Program and in December 2010, the company repurchased the investment from the Treasury. Across the 2010s, First Horizon acquired three regional banks, starting in 2013, when it acquired the failing
Mountain National Bank. First Horizon acquired TrustAtlantic in 2015 and
Capital Bank Financial in 2017. In 2019, First Horizon merged with
IberiaBank to create a bank with $79 billion in assets and $58 billion in loans. Also in 2019, First Horizon announced it was going to rebrand all of its services under the same First Horizon name. The change encompassing First Tennessee Bank, Capital Bank, FTB Advisors and FTN Financial became effective at the close of business on October 25, 2019, with signage changes expected to be complete throughout those holdings by early 2020. On July 20, 2020, First Horizon National Corp acquired 30 branches from
SunTrust bank, now
Truist. The transaction added $410 million in loans and $2.3 billion in deposits. The branches were converted to First Horizon banking centers over the weekend of July 17-19, 2020. On February 28, 2022, Toronto-based
TD Bank Group announced that it would acquire First Horizon Corporation in an all-cash deal of $13.4 billion in what would have been the second-largest bank deal in recent U.S. history. On May 4, 2023, the companies announced that the acquisition would not proceed citing regulatory uncertainties, with TD owing First Horizon a total of $225 million in break-up fees as part of the termination agreement. The merger's call off happened within the same week as the collapse and buyout of
First Republic Bank by
JPMorgan Chase, and the bank's financial failures are seen as part of the
2023 banking crisis. Reports of First Horizon's call off were paired with the news of
PacWest Bancorp itself heading on a lifeline. ==Consumer and Business Banking==