First Horizon National Corp. (FHN), the holding company for First Tennessee Bank NA, said Monday that it has decided to exit the institutional equity research business after an agreement to sell the unit was not completed.
The company said it expects to take additional charges of about $10 million in the first quarter associated with the move.
In September, First Horizon National had agreed to sell its institutional equity research business, FTN Equity Capital Markets Corp., part of the FTN Financial Group, to Point Capital Partners LLC. Financial terms of the deal were not disclosed.
First Horizon shares are currently trading at $12.85, down 10 cents.
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