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First Horizon is a ~$82B-asset Sun Belt regional bank run from Memphis, Tennessee. It takes in low-cost deposits across the Southeast and lends them back out to households and businesses, while its FHN Financial arm is a national leader in fixed-income sales and trading. It was nearly bought by TD Bank for $13.4B — a deal that collapsed in 2023 — and today runs as an independent regional franchise.

A deposit-in, loan-out machine

First Horizon's chain is the classic banking loop: Southeast households and businesses park ~$65B of deposits, the bank lends most of it back out as mortgages, commercial and specialty loans, and pockets the spread — all under the Fed's rates and the FDIC's rules. Bolted on is FHN Financial, a national fixed-income desk that earns fees when markets get choppy.

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