First Horizon likes the usual costume. Sensible banking. Regional trust. Careful stewardship. The sort of institution that wants to look like it smells faintly of carpet cleaner and prudent decisions. Fine. Read the record and the whole thing starts to resemble a funeral parlour with a mortgage desk. This is the bank carrying the baggage of First Tennessee and IberiaBank, with a history of mortgage settlements, securities fallout, compliance failures, data-security humiliation and regulators repeatedly wandering in with clipboards and bad news. And yes, it is also a Cummins investor. According to the latest filing picked up in April 2026, First Horizon cut its Cummins stake hard in the fourth quarter of 2025 but still held 6,662 shares worth about $3.4 million. Small by Wall Street standards, perhaps, but big enough to prove the point. It is just another investor willing to buy into the dirty ecosystem TCAP is out to expose, polish its cufflinks, and pretend the stains belong to somebody else.

The Cummins Position Is Real Enough

Let’s start with the live hook, not the historical graveyard.

First Horizon is not some retail drifter with a handful of Cummins shares buried in a pension fund and forgotten under a pile of statements. The latest filing covered by MarketBeat says First Horizon dumped 13,091 Cummins shares in the fourth quarter of 2025 and still sat on 6,662 shares worth roughly $3.4 million. So the position is smaller than it was, but it is still there. Still in the book. Still part of the furniture.

That matters because this is how the ecosystem actually works. Cummins is not sustained only by admirers, engineers and customers. It is also cushioned by institutions like this. Banks with polished foyers, expensive language and a habit of stepping around their own past like a corpse under a sheet.

That is where First Horizon comes in.

The Mortgage Boneyard Cost Hundreds Of Millions

If you want the defining First Horizon family heirloom, start in the mortgage wreckage.

In 2015, the US Department of Justice announced that First Tennessee Bank agreed to pay $212.5 million to resolve False Claims Act allegations arising from FHA-insured mortgages that allegedly did not meet the rules. The government said the bank knowingly originated and underwrote loans that failed to comply with HUD’s requirements, then still sought FHA insurance on them. When those loans went bad, the taxpayer was left holding the bucket.

The year before that, the Federal Housing Finance Agency announced a $110 million settlement with First Horizon National Corporation over claims tied to private-label mortgage-backed securities sold to Fannie Mae and Freddie Mac.

So before anyone starts cooing about heritage and customer trust, let’s translate. This is an institution carrying a legacy that includes a $212.5 million settlement over FHA mortgage allegations and another $110 million over mortgage securities claims. That is not a clerical wobble. That is a hearse full of paperwork rolling straight through the front doors of “responsible banking”.

And because America is very good at dressing catastrophe in legal language, the usual no-admission fog hangs over it all. Fine. The cheques still cleared.

A Rap Sheet Long Enough To Need Its Own Trolley

The nice thing about Violation Tracker is that it removes some of the poetry and lets the arithmetic do the sneering.

Its current parent-company summary for First Horizon National shows penalty totals since 2000 of $360,570,706 across 14 records. The biggest buckets are government-contracting-related offences and financial offences. The largest entries are the same old mortgage graveyard hits, but the list also includes other banking, consumer-protection and discrimination matters.

Now, nobody sensible pretends every entry on a tracker database carries the same moral weight. A $100,000 banking violation is not the same beast as a nine-figure mortgage settlement. Fine.

But when a bank has piled up more than $360 million in tracked penalties across the years, you are past the point where every episode can be shrugged off as an isolated misunderstanding or an unfortunate paperwork comedy. At some point the pattern becomes the point.

And First Horizon’s pattern is not exactly angelic.

Post-Merger Competence Was Apparently Optional

If the mortgage carnage belonged to the older era, the post-merger compliance comedy shows the house style survived just fine.

In 2024, the SEC charged First Horizon Advisors with violating Regulation Best Interest. The issue, according to the SEC, was that after swallowing IberiaBank, the firm failed to maintain and enforce policies and procedures reasonably designed to achieve compliance when recommending structured notes to retail customers. Thousands of customer accounts were affected by poor data integration after the merger, which meant advisers did not have full information available when making recommendations. First Horizon Advisors agreed to pay a $325,000 civil penalty.

That is the official version.

The less polite version is that they bolted two businesses together, failed to get the customer-information plumbing properly sorted, and then kept selling complex products anyway. In banking, this is often called integration. In English, it looks a lot like not having your own bloody house in order.

And this is a wealth arm, remember. The part that is supposed to project judgement, care and a level of professional seriousness above that of a badly run village raffle.

They Even Managed To Spill The Customers

Then came the 2021 breach.

In an SEC filing dated 28 April 2021, First Horizon said an unauthorised party obtained login credentials from an unknown source and exploited a vulnerability in third-party security software, gaining access to under 200 online customer accounts. The bank said the intruder accessed personal information and fraudulently obtained an aggregate of less than $1 million from some of those accounts.

Less than $1 million. Under 200 accounts. That is how these things are usually phrased – almost soothingly, like a bank manager telling you the fire was limited to one wing of the crematorium.

But the core fact remains: customer accounts were breached, money was taken, and the whole episode landed in an SEC filing because that is where modern embarrassment goes to be house-trained.

Banks are forever lecturing the public about fraud vigilance, password hygiene and secure habits. Then one vulnerability in the chain opens up and your financial life is suddenly a prop in someone else’s crime scene. First Horizon said it reset passwords and reimbursed affected customers. Lovely. The door had still come off the hinges.

Sometimes The Trouble Was Sitting Behind The Desk

And if all that were not enough, 2025 brought a rather intimate little disgrace from inside the bank itself.

In September 2025, the Federal Reserve announced a consent prohibition order against Jermal McGlown, a former First Horizon Bank employee in Memphis, for misappropriation of customer data. The accompanying order says McGlown used his position as a wire transfer administrator to obtain confidential customer information and pass it to a third party, who then impersonated customers and initiated fraudulent wire transfers. The bank’s total loss was $42,000.

Which is almost charming in its squalor. Not some grand global syndicate cracking the vault with lasers and a yacht waiting offshore. Just an insider with access, a third party on the take, and customers left to discover that the person nearest the till may have been helping himself to the details.

Again, the language is measured. Misappropriation of customer data. Fraudulent wire transfers. Total loss of $42,000.

In plain English, someone on the inside treated customer information like a buffet ticket and the bank got to explain itself afterwards.

Another Cummins Investor With Funeral-March Manners

That is why First Horizon belongs in Shareholder Spotlight.

Because this is what the Cummins investor base looks like when you stop admiring the logo and start checking who is standing around the wake. A bank carrying nine-figure mortgage settlements in its family history, a six-figure SEC penalty for post-merger compliance failures, a customer-account breach, a Fed prohibition order against a former insider, and more than $360 million in tracked penalties over time.

Nobody is saying First Horizon invented every sin in the Cummins universe. That is not the point.

The point is that Cummins does not float above a clean pool of respectable capital. It is also owned, in small and large slices, by institutions like this – polished in presentation, grubby on inspection, always ready with a statement, never far from the next explanation.

First Horizon can keep smiling in the annual report. Cummins can keep cashing the institutional support.

But this is not stewardship. It is one more well-dressed bank buying into the same dirty ecosystem and hoping the public mistakes a tidy lobby for a clean conscience.

A nice regional banker on the brochure.

Another undertaker with a spreadsheet when you read the record.

Lee Thompson – Founder, The Cummins Accountability Project

Shareholder Spotlight : First Horizon Corp – Polished Lobby, Dirty Ledger And Another Cummins Suit Buying Into The Mess