First Horizon Corporation Announces Redemption of Series B Preferred Stock and Corresponding Series B Depositary Shares

First Horizon Corporation (NYSE: FHN) has announced the redemption of all outstanding shares of its 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B and corresponding depositary shares (NYSE: FHN PRB).

Rhea-AI Summary

First Horizon Corporation (NYSE: FHN) has announced the redemption of all outstanding shares of its 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B and corresponding depositary shares (NYSE: FHN PRB). The redemption is scheduled for August 1, 2025, with a redemption price of $25.00 per Series B Depositary Share ($10,000 per Series B Preferred Stock share).

The regular Series B semi-annual dividend, previously declared in April, will be paid separately on August 1, 2025, to shareholders of record as of July 17, 2025. After the redemption, no Series B Preferred Stock or Series B Depositary Shares will remain outstanding.

Positive

• Complete redemption indicates strong financial position and ability to manage capital structure
• Simplification of capital structure by eliminating one class of preferred stock

Negative

• Removal of a dividend-paying security from investment options for income-focused investors

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MEMPHIS, Tenn., July 2, 2025 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN) today announced that on August 1, 2025 (the "Redemption Date"), it will redeem all outstanding shares of its 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B (the "Series B Preferred Stock"), and all related outstanding depositary shares, each representing a 1/400th interest in a share of the Series B Preferred Stock ("the Series B Depositary Shares") (NYSE: FHN PRB). After the redemptions, no shares of Series B Preferred Stock, and no Series B Depositary Shares, will remain outstanding.

The redemption price will be $25.00 per Series B Depository Share, corresponding to $10,000 per share of Series B Preferred Stock. Accrued dividends will not be included in either redemption price because the Redemption Date is also a dividend payment date. The regular Series B semi-annual dividend, which was declared in April, will be paid separately in the customary manner on August 1, 2025 to shareholders of record at the close of business on July 17, 2025.

Questions relating to the redemption should be directed to the redemption agent, Equiniti Trust Company LLC, at 1110 Centre Pointe Curve, Suite 101, Mendota Heights, Minnesota 55120 or by phone at 1-800-468-9716 or 1-651-450-4064. Shareholders owning depositary shares through a broker, bank or other nominee may also contact that party for information.

About First Horizon 
First Horizon Corp. (NYSE: FHN), with $81.5 billion in assets as of March 31, 2025, 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 across 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.

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SOURCE First Horizon Corporation

FAQ

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What is the redemption price for First Horizon's Series B Preferred Stock (FHN PRB)?

First Horizon will redeem the Series B Depositary Shares at $25.00 per share, corresponding to $10,000 per share of Series B Preferred Stock.

When will First Horizon (FHN) redeem its Series B Preferred Stock?

First Horizon will redeem all outstanding Series B Preferred Stock and corresponding depositary shares on August 1, 2025.

Will First Horizon (FHN) pay the regular dividend before the Series B Preferred Stock redemption?

Yes, the regular Series B semi-annual dividend will be paid separately on August 1, 2025 to shareholders of record as of July 17, 2025.

How can shareholders get information about First Horizon's Series B Preferred Stock redemption?

Shareholders can contact the redemption agent, Equiniti Trust Company LLC, at 1-800-468-9716 or 1-651-450-4064, or their broker if shares are held through a nominee.