First Tennessee National Corporation'is a Tennessee corporation incorporated in
1968. The Corporation is registered as a bank holding company under the Bank Holding
Company Act of 1956, as amended, and is a financial holding company under the
provisions of the Gramm-Leach-Bliley Act.
Through its principal subsidiary, First Tennessee Bank National Association
(the "Bank"), and its other banking-related subsidiaries, the Corporation
provides diversified financial services though five business segments, First
Tennessee Banking Group, First Horizon, FTN Financial, Transaction Processing
and Corporate.
The Corporation provides the following services through its subsidiaries:
o'general banking services for consumers, businesses, financial
institutions, and governments
o'mortgage banking services
o'through FTN Financial-sales and underwriting of bank-eligible
securities and securities eligible for underwriting by financial
subsidiaries, mortgage loans and advisory services, and equity
research.
o'transaction processing - credit card merchant processing,
nationwide check clearing services, and remittance processing
o'trust, fiduciary, and agency services
o'credit card products
o'discount brokerage and brokerage
o'venture capital
o'equipment finance
o'investment and financial advisory services, including investment
advisor to First Funds, a family of mutual funds
o'mutual fund sales as agent
o'retail and commercial insurance sales as agent
o'private mortgage reinsurance
o'consumer lending
An element of the Corporations business strategy is to seek acquisitions and
consider divestitures that would enhance long-term shareholder value. The Corporation
has a department charged with this responsibility which is constantly reviewing
and developing opportunities to achieve this element of the Corporations strategy.
Competition.
The Corporation and its subsidiaries face substantial competition in all aspects
of the businesses in which they engage from national and state banks located
in Tennessee and large out-of-state banks as well as from savings and loan associations,
credit unions, other financial institutions, consumer finance companies, trust
companies, investment counseling firms, money market mutual funds, insurance
companies, securities firms, mortgage banking companies and others.
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