First Tennessee
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| First Tennessee A subsidiary of First Horizon National Corporation |
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| Type | Subsidiary |
| Founded | 1864 |
| Headquarters | Memphis, Tennessee, USA |
| Key people | Gerald L. Baker, President and Chief Executive Officer of First Horizon National Corporation Bryan Jordan, Chief Financial Officer of First Horizon National Corporation Charles G. Burkett, President of National and Tennessee Banking |
| Industry | Financial Services |
| Products | Credit Cards, Loans, Deposit Products, Investments, Insurance, Financial Planning, Trust, Asset Management, and Cash Management Services. |
| Employees | Approximately 12,000 |
| Website | http://www.firsttennessee.com |
First Tennessee is a financial services company based in Memphis, Tennessee. It is a subsidiary of First Horizon National Corporation.
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[edit] Corporate History
First National Bank of Memphis started business in one room in a building on North Court Street in Memphis, Tennessee. Two months later, the bank moved to expanded space at No. 9 Madison Street. Today the company is one of the 30 largest bank holding companies in the United States.
[edit] Retail and Commercial Banking
The company utilizes the First Tennessee Bank name in the state of Tennessee, its primary market and where it has dominant market share. Outside Tennessee, it utilizes the First Horizon Bank nameplate, the company's official name. First Tennessee is the only major bank headquartered in the state. Until recently, it had expanded into Northern Virginia (2003), Maryland (2003), Georgia and Texas, selling these expansions to be able to concentrate on its core market during the mortgage crisis.
The bank is a full-service provider of financial products and services for businesses and consumers.
[edit] Expansion Outside of Tennessee
The company, doing business outside Tennessee as First Horizon, had branches in the Atlanta, Dallas-Ft Worth metroplex, Northern Virginia & Baltimore markets. As of 2007, it has begun exiting those markets to return its focus to its core markets in Tennessee.
For the purpose of securities sales, First Tennessee Brokerage (FTBR) is licensed in all U.S. states, except Alaska.
For the purpose of investment advisors, First Tennessee Brokerage (FTBR) is licensed to do business in the following states: Arkansas, Arizona, California, Delaware, Georgia, Maryland, Michigan, Missouri, North Carolina, Tennessee, Texas, Virginia, and Washington.
For the purpose of insurance sales and services, First Horizon Insurance Services, Inc. (FHIS) is licensed in all U.S. states except Alaska and New Mexico.
[edit] Marketing Strategy
The company has tended to take emphasis off the word "bank" by eliminating the word from all marketing initiatives and calling its branches "financial centers."
First Tennessee is also known for its aggressive marketing campaign featuring actors inside costumes designed to look like US currency.
First Tennessee is very active in aligning itself with Tennessee's sports teams, holding the "official bank" rights to the University of Tennessee, Vanderbilt University, the Memphis Grizzlies, the University of Memphis, and the Nashville Predators, as well as most of Tennessee's minor league baseball teams: the Memphis Redbirds, the Nashville Sounds, and the Tennessee Smokies.
First Tennessee has bought the rights to the title "Official Bank of Beale Street" through a marketing partnership with Performa Entertainment Real Estate Inc. The deal involves duel sponsorship with Pepsi for a two by seven foot LED sign at Handy Park, located on Beale Street. The bank has also placed an ATM at the entrance to the park. Other minor details of the agreement include First Tennessee's right to place signs in Handy Park. The bank will promote some Beale Street events by way of printed advertisement in local financial centers, and will share a link to Beale Street on its website. Financial terms of the marketing venture were not disclosed to the public. [1]
Its logo is a cutout portion of the Tennessee state flag. Though the logo is shared among all three subsidiaries of FHNC, the First Horizon name is virtually nonexistent in Tennessee, and the First Tennessee name is virtually nonexistent outside of Tennessee.
[edit] Awards
- Named one of the 100 Best Corporate Citizens by Business Ethics magazine
- Named to the AARP Best Employers for Workers Over 50 list
- Named to Working Mother magazine’s annual list of the 100 Best Companies for Working Mothers since 1995
- Named to Fortune magazine’s list of the 100 Best Companies to Work For since the list’s inception in 1998
- Named to the Information Week 500 for our excellent use of technology in support of corporate strategies
- Recognized one of the nation’s best boutique institutional research firms by Institutional Investor magazine
[edit] External links
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