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February 11, 2016 9:38 PM ET


Company Overview of First Tennessee Bank National Association

Company Overview

First Tennessee Bank National Association provides diversified financial services for consumers, businesses, financial institutions, and governments in Tennessee. It offers personal banking services, such as checking accounts, savings accounts and CDs, mobile banking and online services, and prepaid cards; home equity loans, mortgages, credit cards, and personal and auto loans; annuities, insurance solutions, online trading solutions, advisory services, and other investments; and trust services. The company provides business and corporate banking solutions, including checking accounts, savings accounts and CDs, credit cards, and mobile and online banking services; cash and treasury managemen...

165 Madison Avenue

Memphis, TN 38103

United States

Founded in 1864





Key Executives for First Tennessee Bank National Association

Chief Financial Officer and Vice President
Age: 66
Chief Executive Officer of First Horizon National Corp
Age: 53
Regional President of First Tennessee Bank - Williamson County
President of Banking For West Tennessee and Manager of Private Client Trust & Wealth Management Services - Memphis
Age: 65
President of Knoxville
Compensation as of Fiscal Year 2015.

First Tennessee Bank National Association Key Developments

The U.S. Department of Housing and Urban Development Agrees to $1.9 Million Settlement with First Tennessee Bank NA

The U.S. Department of Housing and Urban Development agreed to a $1.9 million settlement with First Tennessee Bank NA, resolving allegations that the bank discriminated against African-American and Hispanic borrowers. The bank has been accused by the National Community Reinvestment Coalition of violating the Fair Housing Act for allegedly denying African-American and Hispanic applicants mortgage loans and by allegedly failing to place bank branches in minority-concentrated areas. According to a Feb. 1 press release, the bank will establish a $1.5 million subsidy fund to provide interest rate reductions on home mortgages, and down payment or closing cost assistance to qualified borrowers in identified portions of Chattanooga, Knoxville, Memphis and Nashville, in Tennessee. In addition, the bank agreed to partner with one or more community-based organizations to provide home repair or other grants or to provide credit, financial, homeownership or foreclosure prevention services to the affected areas. Specifically, the bank will contribute $270,000 over three years to support the partnership efforts and an additional $105,000 to fund similar services to be provided directly by the National Community Reinvestment Coalition. The bank will also pay $25,000 in damages to the National Community Reinvestment Coalition.

First Tennessee Bank Maintains No Wrongdoing in $ 2 Million Settlement

First Tennessee Bank has agreed to a $1.9 million settlement with the U.S. Department of Housing and Urban Development (HUD) to avoid the extraordinary expense associated with a lengthy, duplicative investigation, but it maintains it did not engage in discriminatory lending. The settlement requires First Tennessee to establish a $1.5 million subsidy fund to go towards rate reductions on home mortgages and down payment or closing cost assistance for qualified borrowers across Chattanooga, Knoxville, Memphis, and Nashville. That amount will be broken into $500,000 a year for three years. First Tennessee will also partner with community-based organizations on various initiatives surrounding homeownership. The bank will contribute $270,000, $90,000 a year, over three years to support those partnerships. The National Community Reinvestment Coalition will also receive $105,000 over a three-year period as well as an additional $25,000 in damages.

First Tennessee Bank N.A. Agrees to Pay $212.5 Million to Resolve False Claims Act Liability Arising from FHA-Insured Mortgage Lending

First Tennessee Bank N.A. has agreed to pay the $212.5 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet applicable requirements, the Justice Department announced. Between January 2006 and October 2008, First Tennessee, through its subsidiary First Horizon Home Loans Corporation (First Horizon), participated in the FHA insurance program as a Direct Endorsement Lender (DEL). As a DEL, First Tennessee had the authority to originate, underwrite and endorse mortgages for FHA insurance. If a DEL such as First Tennessee approves a mortgage loan for FHA insurance and the loan later defaults, the holder of the loan may submit an insurance claim to HUD, FHA’s parent agency, for the losses resulting from the defaulted loan. Under the DEL program, neither the FHA nor HUD reviews a loan before it is endorsed for FHA insurance. DELs such as First Tennessee are therefore required to follow program rules designed to ensure that they are properly underwriting and certifying mortgages for FHA insurance, to maintain a quality control program that can prevent and correct deficiencies in their underwriting practices and to self-report any deficient loans identified by their quality control program. In August 2008, First Tennessee sold First Horizon to MetLife Bank N.A. (MetLife), a wholly-owned subsidiary of MetLife Inc., which thereafter originated FHA-insured mortgages under the MetLife name. In February 2015, MetLife agreed to pay $123.5 million to resolve its False Claims Act liability arising from its FHA originations after it acquired First Horizon from First Tennessee. The settlement announced resolves allegations that First Tennessee failed to comply with FHA origination, underwriting and quality control requirements. As part of the settlement, First Tennessee admitted to the following facts: From January 2006 through October 2008, it repeatedly certified for FHA insurance mortgage loans that did not meet HUD underwriting requirements. Beginning in late 2007, First Tennessee significantly increased its FHA originations. The quality of First Tennessee’s FHA underwriting significantly decreased during 2008 as its FHA lending increased. Beginning no later than early 2008, First Tennessee became aware that a substantial percentage of its FHA loans were not eligible for FHA mortgage insurance due to its own quality control findings. These findings were routinely shared with First Tennessee’s senior managers. Despite internally acknowledging that hundreds of its FHA mortgages had material deficiencies, and despite its obligation to self-report findings of material violations of FHA requirements, First Tennessee failed to report even a single deficient mortgage to FHA. First Tennessee’s conduct caused FHA to insure hundreds of loans that were not eligible for insurance and, as a result, FHA suffered substantial losses when it later paid insurance claims on those loans.

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