First Horizon gives $15M in fees to charity
First Horizon National Corp. will donate fees collected in this summer’s federal business aid program to its charitable foundation for distribution to underserved communities in the United States.
The Memphis-based bank announced $15 million worth of fees associated with the federal Paycheck Protection Program will flow to the First Horizon Foundation.
The paycheck program provided businesses with payroll loans funded by the U.S. government. Banks collected fees for booking the loans for eligible businesses able to retain the majority of their employees during the early months of the coronavirus pandemic when business revenue was falling.
First Horizon Foundation makes charitable donations in communities where the bank operates. The bank, whose market area stretches across 12 Southeastern states, holds $86 billion worth of loans and other assets following its July merger with Louisianabased Iberiabank.
A statement released by the bank quotes Bryan Jordan, First Horizon National chief executive: “We are contributing $15 million to the First Horizon Foundation to continue to help meet the needs of individuals and businesses experiencing undue hardship, particularly those located in low- and moderate-income communities.”
For the quarter ended June 30, First Horizon, formerly named First Tennessee, reported $52.2 million in net income on revenue of $499.9 million.