First Horizon National sells outside-Tennessee mortgage business to MetLife Bank

Sep 04, 2008 (Datamonitor via COMTEX) -- FHN | Quote | Chart | News | PowerRating -- First Horizon National, a bank holding company, has sold its mortgage origination and servicing platform outside Tennessee to MetLife Bank, a wholly owned subsidiary of MetLife.

The transaction closed on August 31, 2008, and includes approximately 250 mortgage production offices outside Tennessee, and First Horizon's loan origination and servicing platforms.

Included in the transaction were approximately $380 million of total assets, including servicing rights related to $19 billion of first lien mortgage loans, and $300 million of custodial deposits related to assets sold.

First Tennessee Bank, First Horizon's principal banking subsidiary, will continue to originate mortgages for customers in the bank's Tennessee-based market footprint.

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