First Horizon National Corp. and IBERIABANK Corporation announced on July 2 that they had completed their all-stock merger of equals. First Horizon and IBERIABANK have several branches around the Upstate.
The merged company possesses $79 billion in assets, $60 billion in deposits and $58 billion in loans as of March 31, 2020. The company will be headquartered in Memphis, Tennessee, and will continue to operate as First Horizon.
“The completion of this merger marks a significant milestone for our clients, associates, shareholders and communities,” said Bryan Jordan, president and CEO of First Horizon, in a release. “The combined company’s enhanced scale, diversified business model and expertise in financial services uniquely position us to better serve our clients and communities, accelerate our growth and create long-term shareholder value.”
Bank customers will continue to use their banks until systems from both First Horizon and IBERIABANK are integrated, according to the banks. This means that clients can continue to use their local branches, websites, mobile apps, financial advisors and relationship managers until systems are integrated.
By mid-2021, IBERIABANK will adopt the First Horizon name.
Customers can continue to use ATMs from both banks for cash withdrawals at no charge. As the systems are integrated, customers who are affected will be notified by the banks.
“Clients can count on us to keep them informed and prepared,” Jordan said. “Ensuring that the transition and conversion are as seamless as possible is a top priority.”
Under the merger agreement, IBERIABANK shareholders received 4.584 shares of First Horizon for each IBERIABANK share they owned, according to the release. About 56% of the merged company is held by legacy First Horizon shareholders with about 44% held by legacy IBERIABANK shareholders.
“This extraordinary combination reflects hard work, dedication and collaboration across the platforms as we work to build a premier Southern-based bank,” said Daryl G. Byrd, executive chairman of the board of First Horizon. “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.”