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. 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 Federal Reserve Act of 1913. 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 local bank to a 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 7, 2013, First Tennessee acquired northeast Tennessee-based Mountain National Bank, which had been closed by the FDIC because of bank failure. On October 25, 2019, First Tennessee Bank, FTB Advisors, FTN Financial, and Capital Bank were unified and rebranded as First Horizon. In November 2019, First Horizon Bank and Lafayette, Louisiana-based IberiaBank agreed to a merger, which is expected to occur in 2020. The combined bank will be based in Memphis, and use the First Horizon name.
Consumer and business banking
First Horizon banking services are available to individual consumers as well as businesses of all sizes. 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 Horizon offers wealth management services through its affiliate, First Horizon Advisors, Inc. The company’s services include guidance focused on investments, retirement, insurance, trusts, financial planning, and estate planning.
