First Tennessee, part of the First Horizon National Corporation, is a financial services company based in Memphis, Tennessee. First Tennessee provides financial services through more than 180 locations in and around Tennessee. The company was founded during the Civil War in 1864 and has the 14th oldest national bank charter in the country.
Corporate history
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Frank Davis, a businessman from Ohio, came to Memphis to open the first federally chartered bank in Memphis. 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.
The bank survived the war, but other disasters followed. When the 1878 yellow fever epidemic swept over Memphis, killing thousands and forcing most of the remaining citizens to flee, First National Bank's doors remained open to help distribute relief funds.
First National went over $1 million in deposits with the 1897 acquisition of German Bank.
First National was one of five banks in the twelve districts to help implement the 1913 Federal Reserve Act.
A 1926 merger with Central-State National Bank resulted in First National keeping its name while the other bank took over leadership.
Despite floods, recessions, the Great Depression, and wars, the bank grew from a modest local bank in the shadows of the Mississippi River to a thriving regional financial service company with locations across the state.
In 1952 First National had seven offices in the Memphis area and the time had come to look at the possibility of a new headquarters. In 1961, a 25-story tower was announced. This was completed three years later, at which time First National also opened six branches. As of 1967, First National was the largest bank in the Mid-South. A holding company, First National Holding Corporation, was created in 1969. Two years later, this became First Tennessee National Corporation, with the intention of acquiring other banks. The company acquired five banks in 1972, and as more banks became part of the company, their names changed to First Tennessee Bank. In 1977, First National also became First Tennessee Bank.
In 1981 First Express became the first national check-clearing service, and First tennessee offered brokerage services starting the next year.
In 1995, with the purchases of Maryland National Mortgage Corporation and SNMC Management Corporation, First Tennessee had $6 billion in mortgage origination and was one of the country's top 10 mortgage originators.
The bank has begun expanding beyond the state of Tennessee with commercial banking and private client services available in an increasing number of markets in the Southeast and Mid-Atlantic United States.
On June 10, 2013, First Tennessee Bank took ownership of all 12 Mountain National Bank branches.
Consumer and business banking
First Tennessee banking services are available to individual consumers as well as businesses of all sizes. Combined, the bank's customer base represents the largest deposit share in four of Tennessee's five major metropolitan areas. With a strong focus on service and satisfaction, First Tennessee enjoys one of the highest customer retention rates of any bank in the country.
On October 11, 2016, First Tennessee announced the opening of its first Piedmont Triad retail branch in Winston-Salem. The bank had offered commercial banking and real estate and wealth-management services in the city since 2004. From 2003 to 2016, Winston-Salem was also the headquarters of the Mid-Atlantic Region, including the Triangle, Charlotte and Greenville in North Carolina; Richmond in Virginia; Charleston in South Carolina; and Jacksonville in Florida. The new regional headquarters was in Raleigh, where First Tennessee had four branches after buying TrustAtlantic Bank in 2015.
Wealth management
First Tennessee offers its customers a wide range of wealth management services through its affiliate, FTB Advisors, Inc. FTB Advisors was launched as the primary name for First Tennessee's Wealth Management division in 2013, but the company has been supporting the sophisticated financial needs of affluent customers for much of its history. The company’s services include guidance focused on investments, retirement, insurance, trusts, financial planning, and estate planning.
References
External links
- First Tennessee
- First Horizon National Corporation
- FTB Advisors
- Yahoo! - First Horizon National Corp Company Profile
