First Tennessee considers company name change.
Company wants to present national image to investors.

By David Flaum
January 22, 2004

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In an effort to convey its national presence to investors, First Tennessee National Corp. is asking its shareholders to approve a corporate brand name change to First Horizon National Corp.

Shareholders are scheduled to vote on the company brand name change on April 20.

"Company brand name changes bring up questions of stability," said James Dettore, president and chief executive officer of Brand Institute, Inc., a pharmaceutical branding, biotechnology branding, and consumer branding consultancy firm, "You need to reassure your current customers that the company is sound, and it's a good time to do it when the company is performing at all-time highs."

“First Horizon gives the brand name image of a company that is out front, looking forward to change and consists of real words, not a made-up brand name that people have to scratch their heads to figure out,” Dettore said.
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First Tennessee Bank will remain the brand name for the company's flagship institution in the Volunteer State.

The holding company’s brand name-change plan surfaced last summer as executives grappled with ways to illustrate First Tennessee's growing national presence - more than half of its customers live outside of Tennessee.

At the time, First Tennessee executives hinted that the new company brand name would probably not be the same as either of the company's other subsidiaries, First Horizon mortgage or FTN Financial.

“But research showed some of the reservations about the First Horizon brand name - that it was perceived only as a mortgage company, and that its image might be tarnished when the refinance boom and its revenues diminished - weren't concerns,” said Ken Glass, chairman and chief executive officer.

Now, with refinancing off sharply and First Horizon still making money, he said, "The stars lined up pretty good on this timing."

First Horizon is not only the mortgage company brand name, but also it extends to the company's banks outside Tennessee and its merchant services arm, which processes credit card payments for the travel and entertainment industries.

"It's like Synovus 10 years ago," said Chris Marinac, analyst for FIG Partners in Atlanta.

The company, then Columbus Bank and Trust Co., was growing beyond its Georgia base and wanted its corporate brand name to reflect that.
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- David Flaum: 529-2330