First Horizon National Corp. and IBERIABANK Corporation on Monday announced receipt of regulatory approval from the Board of Governors of the Federal Reserve System to complete their previously announced all-stock merger of equals.
According to a release, 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.
“We are pleased to receive regulatory approval to merge our two companies,” said Bryan Jordan, Chairman and CEO of First Horizon. “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," Jordan continued.
“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,” said Daryl Byrd, President and CEO of IBERIABANK. “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.”
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, expected to occur in 2021.
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 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.
The regulatory approval process also included previously-received approvals from the Tennessee Department of Financial Institutions and the Louisiana Office of Financial Institutions. No further regulatory approvals are required to complete the merger of First Horizon and IBERIABANK.
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