First Horizon Corp

Stock Symbols
company headquarters

A US-based banking and financial services company. It has been one of the main financial backers of private prison company CoreCivic.

First Horizon National Corporation is a banking and financial services company headquartered in Memphis, Tennessee. It conducts banking operations primarily through its subsidiary First Horizon Bank (formerly First Tennessee Bank). In 2022, First Horizon operated 427 bank branches across 12 U.S. states and generated just over $3 billion in revenue.

First Horizon bank has been one of several major financiers of private prison and immigrant detention companies, having provided revolving lines of credit, term loans, and bond underwriting services to CoreCivic. While other private prison financiers announced in 2019 that they would exit their relationships with private prison companies, First Horizon Bank has made no such announcement.

In 2022, CoreCivic signed a new credit agreement, replacing a 2018 $1 billion credit facility. First Horizon Bank was part of the 2018 agreement, having provided a $30 million revolving line of credit and a $7.5 million term loan. Unlike in previous years, public disclosures regarding the 2022 agreement only named the administrative agent, Alter Domus. While other lenders are also involved, they were not named. Therefore, First Horizon Bank's current involvement is unclear.

The bank's known past involvement includes:

  • In September 2015, CoreCivic issued $250 million of bonds, with a maturity date of 2022. As part of a syndicate of banks, First Horizon Bank subsidiary FTN Financial Securities Corp. (FTN), now FHN Financial Securities Corp., underwrote $6.3 million worth of these bonds.
  • In October 2017, CoreCivic issued $250 million of bonds, with a maturity date of 2027. As part of a syndicate of banks, FTN underwrote an undisclosed proportion of these bonds.

Additionally, CoreCivic Chairman of the Board of Directors, Mark Emkes, formerly served as a director and chair of the audit committee of First Horizon National Corporation.

Unless specified otherwise, the information in this page is valid as of
17 April 2024