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The stock was down 44 cents just before 8:55 am ET, dropping to $11.25. If pre-market losses hold, the stock will open at its lowest level since late last week.
First Horizon National said Tuesday that it has completed the sale of its mortgage origination and servicing platform outside Tennessee and has revised credit expectations for 2008.
First Tennessee Bank, First Horizon's principal banking subsidiary, will continue to originate mortgages for customers in the bank's Tennessee-based market footprint. The company continues to expect associated total charges from mortgage of $35 million to $50 million over the third and fourth quarters of 2008.
As a result of persisting market weakness and their ongoing efforts to aggressively address problem loans, First Horizon executives expect that 2008 net charge-offs are likely to exceed the previously expected range of $385 million to $485 million.
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