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| FHN > SEC Filings for FHN > Form 8-K on 30-Sep-2009 | All Recent SEC Filings |
30-Sep-2009
Material Impairments, Regulation FD Disclosure, Financial Statements
First Horizon National Corporation (FHN) is announcing today that a definitive agreement was reached with Point Capital Partners LLC on September 29, 2009, for the sale of FTN Equity Capital Markets Corp., the institutional equity research division of FTN Financial Group and an operating subsidiary of First Tennessee Bank, N.A. While the sale is expected to close in fourth quarter 2009 subject to regulatory approval and customary closing conditions, FHN will incur a non-cash, pre-tax, charge of approximately $14 million related to goodwill impairment (approximately $9 million net of taxes) in third quarter 2009 in connection with this agreement. Although cash expenditures may be incurred in conjunction with closing this contract, no cash expenditures are expected to result directly from the goodwill impairment. Cash expenditures related to closing are not expected to be significant.
This report, including its exhibit, contains forward-looking statements involving significant risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking information. Those factors include general economic and financial market conditions, competition, customer and investor responses to these conditions, ability to execute business plans, geopolitical developments, natural disasters, and items already mentioned in this report, as well as accounting estimates and other factors described in FHN's recent filings with the SEC. FHN disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements included herein or therein to reflect future events or developments.
Furnished as Exhibit 99 is a copy of the Company's press release to be issued September 30, 2009.
(d) Exhibits
The following exhibit is furnished pursuant to Item 7.01, is not to be considered "filed" under the Securities Exchange Act of 1934, as amended ("Exchange Act"), and shall not be incorporated by reference into any of the Company's previous or future filings under the Securities Act of 1933, as amended, or the Exchange Act.
Exhibit # Description
99 Press release to be issued September 30, 2009
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