First Horizon National Corp. and Iberiabank Corporation announced on June 15 receipt of regulatory approval from the Board of Governors of the Federal Reserve System to complete their previously announced all-stock merger of equals. Upon completion of the merger, the combined company will be one of the largest financial services companies headquartered in the South and one of the top 25 banks in the United States, in deposits. The companies expect the merger to be completed on July 1, 2020, pending customary closing conditions.
Bryan Jordan, board chair and CEO of First Horizon, said the new bank will be “well positioned to navigate a changing financial services landscape.”
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.
Under the terms of the merger agreement, Iberiabank shareholders will receive 4.584 shares of First Horizon for each share they own. After closing, approximately 56% of the combined company will be held by legacy First Horizon shareholders with approximately 44% held by legacy Iberiabank shareholders. Following closing, the combined company will operate under the First Horizon National Corp. name, 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.
Information provided by First Horizon corporate office. Additional information on the company website here.