SAINT PETERSBURG, FLORIDA, March 10, 2010 – United Capital Funding Corp, the leading provider of professional Accounts Receivable based funding and credit management solutions in the United States announced today that it had closed on a financing facility with First Tennessee Bank, Memphis, Tennessee (NYSE: FHN). The senior-secured facility is an early renewal of a credit facility first entered into between United Capital and First Tennessee in 2006.
“We are honored to continue our relationship with First Tennessee, ensuring that we will be able to continue to expand our portfolio and provide solutions that meet our clients’ needs”, commented Ivan Baker, CFO and Managing Partner of United Capital Funding. “Over the years, we have enjoyed the outstanding professional services provide by First Tennessee, and we value the support we have received from everyone we work with at First Tennessee.” Chris Youmans, President and Managing Partner of United Capital also added, “These are very challenging times to get funding facilities closed and we appreciate the professionalism of First Tennessee’s Due Diligence team and the approval by their management team to provide capital that allow us to keep our clients growing.”
“First Tennessee is pleased to continue to have United Capital in our growing portfolio of relationships with specialized finance and leasing companies,” said Gil Maneclang, Relationship Manager, First Tennessee Bank. “United Capital represents the type of high quality specialty finance company that we are committed to serving, and we look forward to working with them as they continue to grow in the future.”
United recently reached a milestone in December 2009 when it announced that it has reached $1 Billion in client funding since its’ formation in 1997.
About First Horizon
The 5,700 employees of First Horizon National Corp. (NYSE:FHN – News) provide financial services through about 180 bank locations in and around Tennessee and 18 FTN Financial Group offices in the U.S. and abroad. First Tennessee has the leading combined market deposit share in the 17 Tennessee counties where it does business and one of the highest customer retention rates of any bank in the country. FTN Financial is an industry leader in fixed income sales, trading and strategies for institutional clients in the U.S. and abroad. FHN has been recognized as one of the nation’s best employers by AARP and Working Mother magazines. More information can be found at www.fhnc.com.
About United Capital Funding Corporation
United Capital Funding Corp. [www.ucfunding.com] is the leading professional Accounts Receivable funding, and AR management services based firm in the United States today. Established in 1997, United has successfully partnered with entrepreneurial firms with annual revenue from startup stage to over $50 Million. With clients in over 34 states, United possesses the financial resources to serve firms seeking to improve their cash flow and reduce costs. United is headquartered in the Tampa Bay area, and also has regional offices in Nashville and Phoenix. Additional information on the specialized business financial services provided by United, including factoring, Accounts Receivable management, and working capital are available online at their top rated Google website; www.ucfunding.com; via email at firstname.lastname@example.org; and by telephone (877) 894-8232.
First Horizon National Corporation Media Relations Anthony Hicks 901-523-4726
United Capital Funding Corporation
Telephone: (877) 894-8232