One goal of the new system-which provided a competitive check on the discretion of state legislatures, even though the system of state-chartered banks still existed-was to ensure some regularity and consistency in banknote issue. According to economic historian Richard Grossman’s summary of the new banking system that resulted from that legislation, the federal acts were passed in part to create uniformity in a banking system in which banks had previously been chartered solely by the states.
The First National Bank of Memphis was chartered after the passage of the National Banking Acts of 18. On January 1, 1977, First National Bank of Memphis became First Tennessee Bank. The company changed its name to First Tennessee National Corporation in 1971 and reorganized itself again into a multi-bank holding company that acquired other Tennessee banks throughout the 1970s. The corporation is headquartered in Memphis and is traded on the New York Stock Exchange (symbol: FHN).Īccording to the company’s official history, the First National Bank of Memphis was the Mid-South’s largest bank by 1967, when it reorganized itself into First National Holding Company. Today, First Tennessee is part of First Horizon National Corporation, which sits at number 575 on the Fortune 1000 and is the nation’s twenty-fourth largest commercial bank with 2006 revenues of almost $3.5 billion.
First Tennessee Bank was founded in 1864 as the First National Bank of Memphis.
0 kommentar(er)
