Who Owns First Horizon Company?

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Who Really Owns First Horizon?

Unraveling the ownership structure of a financial institution like First Horizon Bank is crucial for understanding its strategic direction and future prospects. The failed acquisition by Toronto-Dominion Bank (TD Bank Group) in 2023 highlighted the critical role ownership plays in shaping a company's trajectory. This analysis dives deep into the First Horizon SWOT Analysis, exploring its ownership evolution from its founding to the present day.

Understanding who owns First Horizon is key to grasping its operational strategies and financial health. From its origins as First National Bank of Memphis to its current status, the company's ownership has undergone significant transformations, influencing its growth and market position. This exploration will investigate the First Horizon parent company, major shareholders, and the impact of mergers and acquisitions on its overall structure. Discover the answers to "Who owns First Horizon" and "Who controls First Horizon Bank" to gain a comprehensive understanding of this leading regional financial services company.

The origins of First Horizon Corporation, a prominent player in the financial sector, can be traced back to Frank S. Davis. He founded the First National Bank of Memphis on March 25, 1864. This marked the inception of what would evolve into a significant financial institution.

Davis's vision was to establish a national bank in Memphis, driven by the need for financial support in the post-Civil War era. While exact early ownership details are not readily available in public records, the founding of the bank under a national charter in 1864 signifies the initial ownership structure. The bank's establishment was a crucial step in rebuilding and supporting new commercial growth in Memphis.

The bank's early operations played a vital role in the city's recovery and development. Charles Q. Harris, the bookkeeper, played a critical role during the 1878 yellow fever epidemic, ensuring the bank remained open to serve clients and distribute relief funds. Over time, the institution expanded, changing its name to reflect its growth, becoming First Tennessee in 1977, then First Horizon National Corporation in 2004, and finally First Horizon Corporation in 2020.

Founding

Frank S. Davis founded the First National Bank of Memphis on March 25, 1864.

Early Operations

The bank played a crucial role in the recovery and development of Memphis after the Civil War.

Name Changes

The institution evolved, changing names over time to reflect its expanding footprint, including First Tennessee and First Horizon.

Key Figure

Bookkeeper Charles Q. Harris was essential during the 1878 yellow fever epidemic.

Ownership Foundation

The establishment of First National Bank of Memphis in 1864 under a national charter laid the foundation for its ownership.

Focus

The bank's initial focus was to provide banking and credit to support rebuilding and new commercial growth in Memphis.

First Horizon Ownership and Evolution

Understanding the Marketing Strategy of First Horizon requires a look at its ownership structure and historical development. The company's journey began with Frank S. Davis and the founding of First National Bank of Memphis, evolving through various name changes to become First Horizon Corporation. The bank's early operations were crucial in supporting the local economy, especially during challenging times like the 1878 yellow fever epidemic. Details regarding the initial ownership structure are not fully available in public records, but the establishment of the bank in 1864 under a national charter marked its foundational ownership. The company's growth reflects its commitment to community and financial support.

• First Horizon Bank's origins trace back to 1864.
• The bank played a key role in Memphis's recovery after the Civil War.
• The institution has undergone several name changes reflecting its expansion.
• Early operations were crucial for the local economy and community support.

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The ownership structure of First Horizon has evolved significantly. The company rebranded from First Tennessee to First Horizon in 2019. A major shift occurred with the merger with IberiaBank Corporation, which was finalized on July 2, 2020. This merger expanded the company's scale and diversified its business model, reshaping its ownership landscape.

First Horizon, a publicly traded company, operates under the ticker FHN on the NYSE. This status has influenced its ownership dynamics, with institutional investors playing a crucial role. The company's ownership structure reflects a mix of institutional and public shareholders, impacting its strategic direction and financial performance. For more on the target market, you can check out the Target Market of First Horizon.

As of December 2024, major institutional shareholders include BlackRock, Inc. (holding 12% of shares outstanding), and Vanguard Group Inc. (18,066,871 shares). As of May 2025, Bank of New York Mellon Corp. held 7.26% ownership, and State Street Corp., Dimensional Fund Advisors LP, and others also hold significant shares. These large institutional holdings demonstrate the significant influence these entities have on First Horizon's operations.

Key Ownership Insights

Institutional investors hold a significant majority of First Horizon's shares, impacting the company's direction. The top shareholders collectively control a substantial portion of the company. Insider ownership is relatively small.

• Institutional investors hold approximately 82% of shares.
• The top 14 shareholders control 50% of the ownership.
• Insiders decreased their holdings from 1.65% to 1.59% in May 2025.
• The company's stock price is sensitive to institutional investor actions.

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The current board of directors of First Horizon Corporation is pivotal in overseeing the company's governance, acting on behalf of its shareholders. At the annual shareholder meeting held on April 23, 2024, a total of 13 directors were elected to serve until the 2025 annual meeting. The company's voting structure is based on a one-share, one-vote system for common stock, which determines the voting power of shareholders.

The board's composition includes both independent directors and individuals who may represent major shareholders. While specific affiliations of each board member with significant shareholders are not always explicitly detailed in public information, the substantial institutional ownership, approximately 82% as of December 2024, suggests the board likely considers the preferences of these large investment firms. The company's management is accountable to the board, which is expected to represent the interests of the shareholders. This structure is key to understanding First Horizon ownership and how decisions are made within the company. The board's decisions directly impact the company's strategic direction and financial performance.

There have been no recent proxy battles or activist investor campaigns publicly detailed in late 2024 or early 2025. However, the failed acquisition attempt by TD Bank Group in May 2023, while not a proxy battle, highlighted the board's role in major strategic decisions and their interaction with regulatory bodies. This event, which involved a $13.4 billion merger termination, underscored the importance of regulatory approvals in shaping the company's future direction and the board's responsibility in navigating such complex situations. This also showcases the impact of the First Horizon acquisition attempts on the board's decision-making process.

Understanding First Horizon's Governance

The board of directors plays a crucial role in representing shareholder interests and overseeing the company's strategic direction. First Horizon Bank operates under a one-share, one-vote system, with significant institutional ownership influencing board decisions.

• The board elected 13 directors in April 2024.
• Institutional investors held approximately 82% of the shares as of December 2024.
• The board managed a complex situation involving a failed $13.4 billion merger.
• Understanding the board is key to grasping Who owns First Horizon.

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Over the past few years, significant events have reshaped the ownership landscape of First Horizon Corporation. A notable development was the proposed acquisition by Toronto-Dominion Bank (TD Bank Group), announced in February 2022. The deal, valued at $13.4 billion, or $25.00 per common share, aimed to transfer ownership to TD Bank Group. However, due to regulatory uncertainties, the merger was terminated on May 4, 2023. As a result, TD Bank Group paid a break fee of $200 million, plus a reimbursement fee of $25 million to First Horizon. This occurred amidst instability in the U.S. banking sector, although First Horizon stated the regulatory issues were unrelated to the company.

In the context of First Horizon ownership, institutional investors continue to hold a significant portion of the shares. As of May 2025, institutional ownership remained largely unchanged at 87.05%. Mutual funds' holdings also remained steady at 120.40%. Insider holdings saw a slight decrease, moving from 1.65% to 1.59% in May 2025. The company demonstrated its commitment to shareholders through share repurchases and dividends, reporting $933 million in such activities in 2024. Furthermore, late in 2024, First Horizon received approval for $1 billion in repurchase authority.

Looking ahead, First Horizon's 2024 annual report, published in March 2025, emphasized safety, soundness, profitability, and growth. The bank anticipates surpassing $100 billion in total assets in the coming years. The company is also investing in preparations to meet regulatory requirements associated with becoming a Large Financial Institution. In April 2025, First Horizon Bank announced a strategic relationship with LPL Financial to expand wealth management capabilities, indicating a focus on strategic partnerships and operational enhancements. For more insights into the company, you can explore the Revenue Streams & Business Model of First Horizon.

Key Developments

The failed acquisition by TD Bank Group significantly impacted the company. Regulatory uncertainties led to the termination of the $13.4 billion deal. First Horizon paid a $200 million break fee.

Ownership Structure

Institutional investors remain the dominant shareholders. Insider holdings have slightly decreased. The company continues share repurchases and dividends.

Strategic Initiatives

Focus on safety, soundness, and growth. Anticipation of crossing $100 billion in total assets. Partnership with LPL Financial for wealth management expansion.

Future Outlook

First Horizon is investing in regulatory compliance. Strategic partnerships are key for future growth. The company is focused on long-term financial health.

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