Investment Thesis
Headquartered in Memphis, Tennessee, First Horizon National Corporation (FHN) is actually made up of three different business functions: First Horizon Bank, First Horizon Advisors, and FHN Financial businesses. First Horizon Bank is the retail bank everyone knows, Advisors is its wealth management business, and FHN its wholesale bond business.
Having recently combined forces with Iberiabank Corporation (the former ticker was IBKC), the pro forma company is now an $83 billion asset bank with operations in 11 states and 15 of the top 20 Southern MSAs by population. Inside of FHN, FTN