Stock Redemption Announcement by First Horizon Corporation
First Horizon Corporation (NYSE: FHN) has made an important announcement regarding its financial strategy. The company will be redeeming all outstanding shares of its 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B, along with the associated depositary shares. This decision illustrates First Horizon's commitment to strengthening its capital structure and enhancing shareholder value.
Details of the Redemption
The redemption is set to occur on a specified date, which also coincides with the date for the scheduled dividend payment. The redemption price is established at $25.00 for each Series B Depositary Share, equating to $10,000 for a share of Series B Preferred Stock. Importantly, accrued dividends will not factor into this redemption as they are being paid separately, in line with standard procedures.
Dividend Payment Information
Shareholders who are on record by a designated date will receive their regular semi-annual dividend payment made in the usual manner. This consistent approach speaks volumes about First Horizon's dedication to providing returns to its investors.
Contact Information for Shareholders
For those with inquiries regarding the stock redemption, the designated redemption agent, Equiniti Trust Company LLC, stands ready to assist. Interested parties can reach them via phone or through direct inquiry at their office. Shareholders holding depositary shares through other institutions are also encouraged to connect with those parties for any needed clarification.
About First Horizon Corporation
First Horizon Corporation, trading under the ticker symbol FHN, is recognized as a prominent regional financial services provider in the industry. With assets totaling $81.5 billion as of the latest reporting period, the company extends its services across twelve states, supporting clients with a range of banking offerings including commercial and private banking, wealth management, and mortgage banking services.
A Commitment to Excellence
First Horizon has garnered accolades as one of America's best employers by reputable publications, which underscores its commitment to both client service and employee satisfaction. With a focus on unlocking financial potential for clients and communities alike, First Horizon continues to maintain its operational excellence and reputation.
Frequently Asked Questions
What is the Series B stock redemption by First Horizon Corporation?
The Series B stock redemption involves the buyback of all outstanding Series B Preferred Stock by First Horizon Corporation to streamline its capital structure.
When will the redemption take place?
The redemption is scheduled for a specific date, which aligns with the payment of regular dividends for shareholders.
What is the redemption price for the Series B Depositary Shares?
The redemption price is set at $25.00 per Series B Depositary Share, corresponding to $10,000 for a full share of Series B Preferred Stock.
How will the dividends be handled during the redemption?
Accrued dividends will not be included in the redemption price since they are being paid separately to shareholders on the redemption date.
Who can shareholders contact regarding the redemption?
Shareholders can reach out to Equiniti Trust Company LLC for any inquiries related to the redemption process.
