May 01, 2016 1:13 AM ET

Banks

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

Phone:

901-523-4883

Fax:

901-523-4030

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

First Tennessee Bank Plans to Close Three Branches in the Nashville

First Tennessee Bank announced that the bank is plans to close three branches in the Nashville area. The trio of brick-and-mortar locations includes First Tennessee's location in Belle Meade on Harding Pike, next door to Whitt's Barbecue and close to popular restaurant spots like Sperry's Restaurant and Sportsman's Grille. The bank will shutter locations in Goodlettsville near Rivergate Mall and another in Murfreesboro along East Northfield Boulevard. The closures are "based on customer preferences." All three are what one might consider traditional full-service branches. The closures don't in any way mean the bank is pulling back on its plans to bolster its presence in Nashville, emblematic of the bank's naming rights deal for the Nashville Sounds' new Germantown baseball park.

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.

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