MEMPHIS – First Horizon National Corp. (“First Horizon”) (NYSE: FHN) and IBERIABANK Corporation (“IBERIABANK”) (NASDAQ: IBKC) today announced completion of their previously announced all-stock merger of equals. The combined company, with $79 billion in assets, $60 billion in deposits and $58 billion in loans as of March 31, 2020, will be headquartered in Memphis and operate under the First Horizon name.
“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. “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.”
Daryl G. Byrd, executive chairman of the board of First Horizon, commented, “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.”
“Clients can count on us to keep them informed and prepared,” Jordan commented. “Ensuring that the transition and conversion are as seamless as possible is a top priority.”
Clients will continue to be served through their respective First Horizon or IBERIABANK branches, websites, mobile apps, financial advisors and relationship managers until systems are integrated. IBERIABANK will adopt the First Horizon name following operating systems conversion, which is expected to occur in mid-2021. For convenience, clients can continue to use the full ATM network of both banks for cash withdrawals at no charge. As the various systems of each bank are integrated and converted over the next year or so, affected clients will be notified of the changes.
The Executive Leadership team is comprised of members from both companies, including:
· Terry Akins, Chief Risk Officer
· Beth Ardoin, Chief Communications Officer
· Michael Brown, President, Regional Banking
· Daryl Byrd, Executive Chairman of the Board
· Bryan Jordan, President and Chief Executive Officer
· Tammy LoCascio, Chief Human Resources Officer
· William C. Losch, III, Chief Financial Officer
· David Popwell, President, Specialty Banking
· Anthony Restel, Chief Operating Officer
· Susan Springfield, Chief Credit Officer
· Vernon H. Stafford, Jr., Chief Audit Executive
Board of Directors
The combined company’s Board of Directors consists of 17 members with nine directors from First Horizon and eight directors from IBERIABANK, including:
· Harry V. Barton, Jr.
· Kenneth A. Burdick
· Daryl G. Byrd (Executive Chairman of the Board)
· John N. Casbon
· John C. Compton
· Wendy P. Davidson
· William H. Fenstermaker
· D. Bryan Jordan
· J. Michael Kemp, Sr.
· Rick E. Maples
· Vicki R. Palmer
· Colin V. Reed (Lead Director)
· E. Stewart Shea, III
· Cecelia D. Stewart
· Rajesh Subramaniam
· Rosa Sugrañes
· R. Eugene Taylor
Under the terms of the merger agreement, IBERIABANK shareholders received 4.584 shares of First Horizon for each IBERIABANK share they own. Approximately 56% of the combined company is held by legacy First Horizon shareholders with approximately 44% held by legacy IBERIABANK shareholders.
Shares of IBERIABANK ceased trading before the opening of the NASDAQ stock market on July 2, 2020. The combined company’s common shares will trade on the New York Stock Exchange under ticker symbol “FHN,” and depositary shares representing interests in First Horizon Series B, C and D preferred shares will trade on the New York Stock Exchange under the ticker symbols “FHN PR B,” “FHN PR C” and “FHN PR D,” respectively.