First Horizon National Corp. and IBERIABANK have completed their “merger of equals.”
First announced on Nov. 4, 2019, the two corporations agreed to combine in an all-stock transaction, creating a new entity with $79 billion in assets, $60 billion in deposits and $58 billion in loans, as of March 31, 2020. The companies announced on Thursday, July 2 that the merger has been finalized.
The company will operate as First Horizon and will be headquartered in Memphis.
However, clients of both First Horizon and IBERIABANK through the websites, branches, apps and more of their respective banks. IBERIABANK is expected to transition to the First Horizon name and operating system in mid-2021.
“This extraordinary combination reflects hard work, dedication and collaboration across the platforms as we work to build a premier southern-based bank. With the incredible legacies of both organizations as our foundation, we plan to combine the best of both companies to position us for success in this rapidly evolving world,” First Horizon executive chairman of the board Daryl G. Byrd said in a statement.
As part of the merger, IBERIABANK shareholders have received 4.584 shares of Horizon stock for each IBERIABANK share they own. Following the merger, 56 percent of the company is owned by First Horizon shareholders and 44 percent is held by IBERIABANK shareholders.