First Horizon Bank Welcomes Ray Cenolli as Retail Banking Executive for the Memphis Market

Rhea-AI Summary

First Horizon Bank (NYSE:FHN) appointed Ray Cenolli as Retail Banking Executive for Memphis and the Retail Mid-South Region, covering Alabama, Arkansas, Mississippi and Southern Tennessee. He succeeds Mandy Long, who became Head of Associate Banking, and brings extensive retail banking leadership experience from Citizens Bank.

News Market Reaction – FHN

+2.62%

+2.62% Session close to close

In the Jun 4 session, FHN gained 2.62%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights a leadership transition in First Horizon’s retail banking organization,...

Analysis

This announcement highlights a leadership transition in First Horizon’s retail banking organization, with a new executive overseeing Memphis and the Mid-South region. It follows a series of culture- and community-focused updates and sits against a backdrop of strong 2025 results, including net income of $956 million and EPS of $1.87. Investors watching this development may focus on execution in the retail franchise, capital deployment, and how management changes support ongoing regional growth priorities.

Key Figures

Net income: $956 million Earnings per share: $1.87 CET1 capital ratio: 10.63% +5 more

8 metrics

Net income $956 million Net income to common shareholders in 2025, up 29% vs 2024

Earnings per share $1.87 2025 EPS, up 38% from 2024

CET1 capital ratio 10.63% CET1 capital ratio highlighted in 2026 proxy materials

Capital returned Over $1.2 billion Returned via buybacks and dividends in 2025

Dividend increase $0.17 per share Quarterly dividend raised from $0.15 beginning April 2026

Depositary shares offered 16,000,000 shares at $25 Series H Preferred Stock offering total public price $400,000,000

Dividend rate 6.750% per annum Non-cumulative dividend on Series H Preferred liquidation preference

Net proceeds $391.7 million Expected net proceeds from Series H depositary share offering

Historical Context

5 past events · Latest: May 28 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 28	Workplace recognition	Positive	+0.0%	Earned Great Place to Work Certification for the seventh time.
May 27	Conference participation	Positive	+0.1%	CFO scheduled to present at Morgan Stanley U.S. Financials Conference.
May 26	Brand partnership	Positive	+0.7%	Announced new shareable fan experience at First Horizon Coliseum.
May 14	Veteran employer award	Positive	-0.6%	Named a 2026 VETS Indexes Employer for veteran support efforts.
May 14	Financial literacy outreach	Positive	+1.2%	Teach Children to Save program reached nearly 8,700 K–8 students.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent brand and community-focused announcements have typically produced small share moves, with mostly mild positive reactions and one negative outlier.

Recent Company History

Over the past weeks, First Horizon has emphasized culture, brand visibility and community engagement. The company was recognized as a Great Place to Work for the seventh time on May 28, 2026 and highlighted participation in a major financials conference on June 10, 2026. Other updates include a fan experience initiative in Greensboro and outreach through the 2026 Teach Children to Save program reaching nearly 8,700 students. Price reactions to these news items were generally modest, framing today’s leadership announcement within a steady, relationship- and culture-driven trajectory.

Key Terms

depositary shares, liquidation preference, non-cumulative, Regulatory Capital Event, +2 more

6 terms

depositary shares financial

"is offering 16,000,000 depositary shares, each representing a 1/4,000th interest"

Depositary shares are tradable certificates that represent a fractional piece of a larger security held by a third-party bank, like owning a slice of a single big pie instead of the whole pie. They let companies issue and investors buy smaller, more affordable portions of preferred stock or other instruments; holders usually receive proportional dividends and market pricing similar to ordinary shares, but may have limited voting rights and different liquidity or tax implications, which can affect income and resale value.

liquidation preference financial

"with a liquidation preference of $100,000 per share"

A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.

non-cumulative financial

"The depositary shares pay a 6.750% per annum non‑cumulative dividend"

Non-cumulative describes a type of dividend or payment right where any missed distributions are not tracked or owed later; if a company skips a payment, investors do not receive that skipped amount in the future. Think of it like a one-time coupon that expires if not used: it can boost potential income when paid, but offers no catch-up protection, so investors face greater income uncertainty and should price in higher risk or lower yield expectations.

Regulatory Capital Event regulatory

"within 90 days following a defined Regulatory Capital Event, at the $100,000"

An event where a regulator forces or signals that a bank, insurer or similar firm must change its capital position—for example by raising money, converting debt to equity, cutting dividends, or writing down assets—because it no longer meets required financial strength rules. Investors care because it can dilute existing shares, reduce payouts, change control or indicate higher risk, like a household suddenly needing to boost its emergency fund after a lender’s warning.

CET1 capital ratio regulatory

"The CET1 capital ratio was 10.63%, one-year total shareholder return"

The CET1 capital ratio measures a bank’s core equity (common shares and retained earnings) as a share of its assets after those assets are adjusted for how risky they are. It shows how big a financial cushion the bank has to absorb losses without needing outside help, so investors use it like a fuel gauge: higher ratios mean more protection against bad loans or market shocks and lower chances of forced capital raises or regulatory action.

prospectus supplement regulatory

"by means of a prospectus supplement. The depositary shares pay a 6.750%"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MEMPHIS, Tenn., June 3, 2026 /PRNewswire/ -- First Horizon Bank (NYSE: FHN or "First Horizon") is pleased to announce that Ray Cenolli has joined the First Horizon team as Retail Banking Executive based in Memphis and covering the Retail Mid-South Region of Alabama, Arkansas, Mississippi and Southern Tennessee. He brings extensive experience as a leader in retail banking operations, talent development and service excellence. Cenolli is replacing Mandy Long, who has transitioned to a new role with the company as Head of Associate Banking.

Prior to joining First Horizon, Cenolli served in several banking leadership roles with Citizens Bank. Most recently, he served as Senior Vice President and District Sales Manager, a key senior executive role partnering with the bank's retail director, and was responsible for overseeing fourteen regions across the Northern Boston area. He's also held Regional Manager and Branch Manager roles with Citizens.

"Ray is an exceptional leader with a proven track record of serving clients and building high-performing teams," said Tammy Crenshaw, Head of Retail Banking at First Horizon Bank. "His deep operational expertise and passion for organizational excellence will further strengthen our market position in our bank's hometown of Memphis and across our Mid-South markets."

About First Horizon

First Horizon Corp. (NYSE: FHN), with $84.1 billion in assets as of March 31, 2026, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states concentrated in the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-horizon-bank-welcomes-ray-cenolli-as-retail-banking-executive-for-the-memphis-market-302790634.html

SOURCE First Horizon Bank

FAQ

Who is the new Retail Banking Executive for First Horizon Bank (NYSE:FHN) in Memphis?

First Horizon Bank named Ray Cenolli as Retail Banking Executive for the Memphis market and Retail Mid-South Region. According to the company, he will oversee Alabama, Arkansas, Mississippi and Southern Tennessee retail operations from a Memphis base.

What experience does Ray Cenolli bring to First Horizon Bank (FHN)?

Ray Cenolli brings extensive leadership in retail banking operations, talent development and service. According to First Horizon, he previously held Senior Vice President and District Sales Manager, Regional Manager and Branch Manager roles at Citizens Bank, overseeing fourteen regions in the Northern Boston area.

Which markets will Ray Cenolli oversee for First Horizon Bank (NYSE:FHN)?

Ray Cenolli will oversee First Horizon’s Retail Mid-South Region, including Alabama, Arkansas, Mississippi and Southern Tennessee. According to the bank, he is based in Memphis and will support growth in the company’s hometown and broader Mid-South markets.

Who did Ray Cenolli replace at First Horizon Bank in the Retail Banking Executive role?

Ray Cenolli replaced Mandy Long as Retail Banking Executive for First Horizon’s Memphis market. According to the company, Mandy Long has transitioned to a new internal position as Head of Associate Banking, reflecting a broader leadership realignment.

How does First Horizon Bank describe Ray Cenolli’s leadership background?

First Horizon describes Ray Cenolli as an exceptional leader with a proven record in client service and building high-performing teams. According to the bank, his deep operational expertise and focus on organizational excellence are expected to bolster Memphis and Mid-South retail market positioning.