"It happens constantly," Jordan said, and he meant that literally. "This is an amazing statistic. There are some 3 billion attempts to access our system that are unauthorized in any month."
The chairman of the company that runs First Tennessee Bank said of all those attempted hacks, "there's probably about 8 to 10 that are legitimate that we have to follow up on (every month)," Jordan said. On cyber security, Jordan said, "It's an extraordinary challenge. It costs us a tremendous amount of money. More importantly, it's a tremendous inconvenience to customers. So we worry a lot about it."
The CEO noted his teams spends a lot of time testing cyber security systems.
Memphis based First Horizon became the fourth largest bank in the Southeastern U.S. when it announced a merger with Charlotte, NC based Capital Bank Financial Corp. (NASDAQ:CBF) last week. First Horizon, an institution with $30 billion dollars in assets, will unite with Capital Bank, which has $10 billion dollars in holdings.
"Over the last 10 years, we've worked on what we call our mid-Atlantic region from Richmond, VA to Jacksonville, FL," Jordan said. "The way we think about our footprint, we look for markets that look like Memphis or Knoxville or Chattanooga," so Capital Bank turned out to be an attractive match for First Horizon which will add 193 branches in the Carolinas, Tennessee, Florida and Virginia.
Jordan said he'd like to see First Horizon keep growing. "We dedicate our energy to driving strong financial performance. In my view this merger with Capital Bank will accelerate that improvement," Jordan told Rotarians.