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

Rhea-AI Summary

First Horizon (NYSE: FHN) announced on April 1, 2026 that it will redeem all outstanding 6.600% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series C and the related Series C depositary shares on May 1, 2026.

The redemption price is $25.00 per Series C depositary share (equal to $10,000 per preferred share). Accrued dividends are excluded because the Redemption Date is a dividend payment date; the regular quarterly dividend will be paid separately on May 1, 2026 to holders of record on April 16, 2026.

Positive

• Removes Series C perpetual preferred from capital structure on May 1, 2026
• Fixed redemption price of $25.00 per depositary share provides cash certainty

Negative

• Repayment requires cash outflow equal to principal value of Series C depositary shares
• Accrued dividends excluded from redemption price; dividend paid separately on May 1, 2026

News Market Reaction – FHN

+0.97%

+0.97% Session close to close

In the Apr 1 session, FHN gained 0.97%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details the full redemption of First Horizon’s 6.600% Series C preferred stock and...

Analysis

This announcement details the full redemption of First Horizon’s 6.600% Series C preferred stock and related depositary shares at $25 per depositary share on May 1, 2026. The redemption coincides with a dividend payment date, so no additional accrued dividends are included. In context of recent operational and branding news, this step highlights capital structure management. Investors may watch how retiring this preferred layer interacts with newer preferred issues and future earnings and dividend disclosures.

Key Figures

Series C coupon: 6.600% Depositary share redemption price: $25.00 Preferred share redemption price: $10,000 +3 more

6 metrics

Series C coupon 6.600% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series C

Depositary share redemption price $25.00 Per Series C Depositary Share on May 1, 2026

Preferred share redemption price $10,000 Per share of Series C Preferred Stock on Redemption Date

Depositary share ratio 1/400th interest Each Series C Depositary Share vs one Series C Preferred share

Redemption Date May 1, 2026 Date all Series C Preferred and Depositary Shares will be redeemed

Record date for dividend April 16, 2026 Shareholders of record for regular Series C quarterly dividend

Historical Context

5 past events · Latest: Mar 25 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 25	Earnings date notice	Neutral	-0.8%	Announcement of upcoming Q1 2026 results release and conference call logistics.
Mar 25	Management appointment	Positive	+0.2%	Commercial banking leadership hire for New Orleans market and team expansion.
Mar 20	Community recognition	Positive	+2.6%	Executive recognized for leading charity event surpassing $1 million raised.
Mar 19	Sponsorship milestone	Neutral	-0.2%	25-year sponsorship renewal as Official Bank of Bristol Motor Speedway.
Mar 18	Branding partnership	Positive	-0.2%	New coliseum signage and exclusive cardholder entrance under naming partnership.

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

Pattern Detected

Recent news flow has been mostly operational and community-focused, with mixed but generally modest price reactions.

Recent Company History

Over the past weeks, First Horizon’s news has centered on branding, community engagement, and leadership updates. Events include new sponsorship milestones, stadium signage initiatives, and executive appointments, alongside an upcoming earnings date on April 15, 2026. Price reactions to these items have been generally modest, with both small gains and declines. Compared with this preferred stock redemption, the current announcement fits into a pattern of capital markets and corporate actions layering on top of steady operational news.

Key Terms

fixed-to-floating, non-cumulative perpetual preferred stock, depositary shares, redemption price

4 terms

fixed-to-floating financial

"its 6.600% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series C"

A fixed-to-floating security is a loan or bond that pays a set interest rate for an initial period and then switches to a variable rate tied to a market benchmark (like LIBOR or a government rate). Think of it as a paycheck that starts fixed and later fluctuates with the economy: it gives predictable income early on but exposes holders to changing interest rates later, affecting expected returns, price volatility, and how attractive the security is compared with other income options.

non-cumulative perpetual preferred stock financial

"6.600% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series C"

Non-cumulative perpetual preferred stock is a type of investment that pays a fixed dividend forever, without a set end date. If the company skips some dividends in a year, you don’t get that money later, and it’s gone forever. It matters because investors get regular income but may miss out if the company faces financial trouble.

depositary shares financial

"all related outstanding depositary shares, each representing a 1/400th 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.

redemption price financial

"The redemption price will be $25.00 per Series C Depositary Share"

The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.

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

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MEMPHIS, Tenn., April 1, 2026 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN) today announced that on May 1, 2026 (the "Redemption Date"), it will redeem all outstanding shares of its 6.600% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series C (the "Series C Preferred Stock"), and all related outstanding depositary shares, each representing a 1/400th interest in a share of the Series C Preferred Stock ("the Series C Depositary Shares") (NYSE: FHN PRC). After the redemptions, no shares of Series C Preferred Stock, and no Series C Depositary Shares, will remain outstanding.

The redemption price will be $25.00 per Series C Depositary Share, corresponding to $10,000 per share of Series C 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 C quarterly dividend, which was declared in January, will be paid separately in the customary manner on May 1, 2026, to shareholders of record at the close of business on April 16, 2026.

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 1-877-536-3558. Shareholders owning depositary shares through a broker, bank or other nominee may also contact that party for information.

About First Horizon
First Horizon Corporation (NYSE: FHN), with $83.9 billion in assets as of December 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 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.

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SOURCE First Horizon Corporation

FAQ

What is First Horizon (FHN) redeeming on May 1, 2026?

First Horizon is redeeming all outstanding Series C preferred stock and related depositary shares on May 1, 2026. According to the company, each depositary share redeems at $25.00, corresponding to $10,000 per preferred share.

How much will First Horizon (FHN) pay per Series C depositary share at redemption?

First Horizon will pay $25.00 per Series C depositary share on the Redemption Date. According to the company, that equals $10,000 per share of the underlying Series C preferred stock.

Will accrued dividends be included in First Horizon's (FHN) Series C redemption price?

No, accrued dividends are excluded from the redemption price because the Redemption Date is also a dividend payment date. According to the company, the regular quarterly dividend will be paid separately on May 1, 2026.

Who is eligible to receive the regular Series C dividend declared by First Horizon (FHN)?

Holders of record at the close of business on April 16, 2026 are eligible for the regular Series C quarterly dividend. According to the company, that dividend will be paid in the customary manner on May 1, 2026.

How can Series C depositary shareholders get information about the FHN redemption?

Shareholders can contact the redemption agent, Equiniti Trust Company, for redemption details and procedures. According to the company, Equiniti can be reached at the provided Minnesota address or by phone at 1-877-536-3558.