The merger is expected to be completed in the second quarter of 2020, subject to satisfaction of customary closing conditions


First Horizon secures shareholder approval for Merger of Equals with IBERIABANK. (Credit: Pixabay/Gerd Altmann)

First Horizon has secured the shareholder approval for its previously announced all-stock merger of equals with IBERIABANK.

In November last year, First Horizon agreed to merge with rival US-based bank holding company Iberiabank in an all-stock deal.

The transaction is expected to be completed in the second quarter of 2020, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.

Once the transaction is completed, the combined company will become one of the largest financial services companies

First Horizon chairman and CEO Bryan Jordan said: “We are pleased that our shareholders strongly support our plan to merge our two complementary franchises. As a combined company, we will have an expansive 11-state reach in high-growth, attractive markets across our combined footprint.

“When we complete the integration of our company in 2021, we will be better positioned to deliver the innovative products and technology our customers have come to expect from us. We are both community-focused, service organizations. Our teams look forward to using our combined resources to better serve our customers and support our communities.”

The combined holding company and bank will operate as First Horizon

Under the terms of the merger agreement, shareholders of IBERIABANK common stock will receive 4.584 shares of First Horizon common stock for each share of IBERIABANK common stock they own.

After the merger closing, the combined holding company and the combined bank are expected to operate under the name of First Horizon, with headquarters in Memphis, Tennessee.

The combined company’s regional banking business will be headquartered in New Orleans, Los Angeles.

Based in Tennessee, First Horizon offers financial services via First Horizon Bank, First Horizon Advisors, and FHN Financial businesses. The bank holding company operates nearly 270 bank locations in the Southeast US and 29 FHN Financial offices spread across the country.