Following the conversion of operating systems, the combined company will operate under the First Horizon National name
The Board of Governors of the Federal Reserve System has granted regulatory approval for First Horizon National and IBERIABANK to complete their previously announced merger deal.
The companies are expected to close the merger on 1 July 2020, subject to the customary closing conditions.
Once the merger is closed, the combined company is expected to become one of the leading financial services company in the US.
Until the integration of the First Horizon and IBERIABANK systems, the banks’ clients will continue to receive services through their respective branches, websites, mobile apps, financial advisors and relationship managers.
Following the conversion of operating systems, which is expected in 2021, IBERIABANK is expected to adopt the First Horizon name.
First Horizon chairman and CEO Bryan Jordan said: “We are pleased to receive regulatory approval to merge our two companies. First Horizon and IBERIABANK together will be well positioned to navigate a changing financial services landscape, deliver superior client solutions, strengthen the communities we serve and create strong returns for our shareholders.
“I am tremendously proud of how focused our teams have remained throughout the unforeseen disruption of a global pandemic. Our colleagues have demonstrated an unwavering dedication to our clients and communities while setting the stage for a highly successful integration.”
The combined company will operate under the First Horizon National name
Under the terms of the merger agreement, IBERIABANK shareholders will receive 4.584 shares of First Horizon for each IBERIABANK share they own.
After closing, approximately 56% of the combined company will be held by legacy First Horizon shareholders and approximately 44% will be held by legacy IBERIABANK shareholders.
The combined company will operate under the First Horizon National name.
Based in Tennessee, First Horizon National offers financial services via First Horizon Bank, First Horizon Advisors, and FHN Financial businesses.
IBERIABANK president and CEO Daryl Byrd said: “Today’s approval represents an important milestone as we join forces to create a leading regional financial services company dedicated to enriching the lives of our clients, associates and communities.
“By aligning our relationship-oriented cultures, we will continue to transform the way we do business to meet clients’ needs in this dynamic environment and provide a great place to work for our associates.”