LAFAYETTE, La. Both First Horizon and IberiaBank have large employee bases, and when the two companies merge, some will inevitably have to shift their positions. With more than 288 years of combined First Horizon Bank and IBERIABANK financial experience, the Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. Upon closing of the transaction, the Board of Directors will consist of nine directors from First Horizon and eight directors from IBERIABANK. IBERIABANK Corporation is a financial holding company with locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York offering commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, mortgage, and title insurance services. 333-235757) and filings related to that registration statement. 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 merger combines two complementary franchises that are uniquely positioned to capitalize on market opportunities and increase their client base through greater scale, strategic investments in advanced technologies and expanded product offerings. First Horizon is recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. bank. IberiaBank dropped 4.7% to $44.96. The new company will be led by Daryl G. Byrd as Executive Chairman of the Board of Directors and D. Bryan Jordan as Chief Executive Officer. The deal will see IBERIABANK branches rebranded as First Horizon as of next year, according to the announcements, after the two banks’ back office operating systems have been combined. By joining forces with First Horizon, we will create an organization that has the resources to invest in advanced technologies and expand lending capacity and product offerings for our combined clients. The confirmation code for the replay is 10136743. Under the terms of the merger agreement, IBERIABANK shareholders received 4.584 shares of First Horizon for each IBERIABANK share they own. COPYRIGHT © 2021 - ALL RIGHTS RESERVED Memphis-based First Horizon National Corp. and Louisiana-based IberiaBank … Bryan Jordan, Chairman and CEO of First Horizon, said, "Our merger of equals with IBERIABANK is an exciting milestone and the logical next step in the continued successful transformation of our company. The company operates approximately 270 bank locations across the Southeast U.S. and 29 FHN Financial offices across the entire U.S. FHN Advisors wealth management group has more than 300 financial professionals and about $4.8 billion in assets under management. First Horizon shareholders will own 56% and IBERIABANK shareholders will own 44% of the combined company. "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. INVESTORS AND SHAREHOLDERS OF FIRST HORIZON AND IBERIABANK ARE URGED TO READ, WHEN AVAILABLE, THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS TO BE INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST HORIZON, IBERIABANK AND THE PROPOSED TRANSACTION. ", IBERIABANK President and CEO Daryl Byrd said, "This merger of equals represents an exciting next chapter for both companies. Under the terms of the merger agreement, IberiaBank shareholders will receive 4.584 shares of First Horizon for each IberiaBank share they own. The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC". MEMPHIS, Tenn. and LAFAYETTE, La., July 2, 2020 /PRNewswire/ -- 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. Under the terms of the merger agreement, IberiaBank shareholders received 4.584 shares of First Horizon for each IberiaBank share they own. The merger is expected to close in the second quarter of 2020, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company. More information is available at www.FirstHorizon.com. … IBERIABANK and First Horizon Merger Presentation Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies, many of which are beyond the control of First Horizon and IBERIABANK, and many of which, with respect to future business decisions and actions, are subject to change and which could cause actual results to differ materially from those contemplated or implied by forward-looking statements or historical performance. Further, FHN is offering a decent dividend yield. Additional, and more general, factors that could cause results to differ materially from those contemplated by forward-looking statements can be found in First Horizon's Annual Report on Form 10-K for the year ended December 31, 2019, and in its quarterly report on Form 10-Q for the period ended March 31, 2020, both filed with the SEC and available in the "Investor Relations" section of First Horizon's website, http://www.FirstHorizon.com, under the heading "SEC Filings," and in other documents First Horizon has filed with the SEC, including its registration statement on Form S-4 (reg. Bryan Jordan, Chairman and CEO of First Horizon, said, "Our merger of equals with IBERIABANK is an exciting milestone and the logical next step in the continued successful transformation of our company. Additionally, IBERIABANK shareholders will receive a 43% increase in their dividend after consummation of the transaction, based upon each company's current dividend per share. More. 904 KB. Examples of uncertainties and contingencies include factors previously disclosed in First Horizon's and IBERIABANK's respective reports filed with the U.S. Securities and Exchange Commission (the "SEC"), as well as the following factors, among others: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Horizon and IBERIABANK; the outcome of any legal proceedings that may be instituted against First Horizon or IBERIABANK; the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; the risk that any announcements relating to the proposed combination could have adverse effects on the market price of the common stock of either or both parties to the combination; the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where First Horizon and IBERIABANK do business; certain restrictions during the pendency of the merger that may impact the parties' ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; First Horizon and IBERIABANK success in executing their respective business plans and strategies and managing the risks involved in the foregoing; the dilution caused by First Horizon's issuance of additional shares of its capital stock in connection with the proposed transaction; and other factors that may affect future results of First Horizon and IBERIABANK. Our combined new scale, deep experience in financial services and diverse business mix in the South uniquely position us to accelerate our growth and create lasting shareholder value. Separately, we are both formidable organizations with strong track records, great businesses and talented bankers. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results or other developments. The companies will make the announcement during a press conference today, from 5 p.m. to 5:30 p.m., at IBERIABANK (601 Poydras St., 20th … First Horizon National Corporation and IBERIABANK Corporation are combining in a transaction that is expected to create one of the largest financial services institutions in the southern United States. Presentation slides will be available on both the First Horizon website (www.firsthorizon.com) and the IBERIABANK website (www.iberiabank.com). The Company's common stock market capitalization was approximately $3.9 billion, based on the closing stock price on November 1, 2019. 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. ", "Clients can count on us to keep them informed and prepared," Jordan commented. 2.7 MB. 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. First Horizon will absorb Iberiabank, tripling in size compared to a decade ago and making it an attractive possible purchase for a larger bank. ", New Company Governance and Leadership Team. Download Adobe Acrobat Reader, First Horizon National Corporation and IBERIABANK Corporation to Combine in Merger of Equals to Create a Leading Regional Financial Services Company, - Creates a leading regional financial services company with significant scale at $75 billion in assets, - Combination to be strongly accretive to EPS, - Significant synergies anticipated to drive value creation and enhanced financial performance, - Pro forma company expected to have peer leading profitability metrics, - Proven strong credit culture and risk management practices, - Aligned relationship-oriented cultures committed to creating a great place to work for employees, - Expansive 11-state reach in high-growth, attractive markets across the combined footprint, - Broadens business mix, creating a strong core deposit franchise, diversified loan portfolio and differentiated revenue streams, - Scale and earnings power to invest in advanced technologies and innovation to deliver an extraordinary client experience, - Experienced combined management team with a strong history of successfully executing and integrating transformative transactions, For further information: FIRST HORIZON CONTACT: First Horizon Investor Relations, Aarti Bowman, (901) 523-4017 OR First Horizon Media Relations, Silvia Alvarez, (901) 523-4465 OR IBERIABANK CONTACT: IBERIABANK Investor Relations, Jefferson G. Parker, (504) 310-7314 OR IBERIABANK Director of Communications, Beth Ardoin, (337) 278-6868, Return on Average Tangible Common Equity of approximately 18%, Return on Average Assets of approximately 1.4%, and. The IBERIABANK merger drove loan growth in 3Q. The banking subsidiary was founded in 1864 and has the largest deposit market share in Tennessee. First Horizon National Corp. (NYSE:FHN) provides financial services through First Horizon Bank, First Horizon Advisors, and FHN Financial businesses. First Horizon in Memphis, Tenn., is getting more aggressive cutting costs tied to its merger with Iberiabank, reflecting systemic shifts that have taken place Investors and shareholders will be able to obtain a free copy of the registration statement, including the joint proxy statement/prospectus, as well as other relevant documents filed with the SEC containing information about First Horizon and IBERIABANK, without charge, at the SEC's website (http://www.sec.gov). Approximately 56% of the combined company is held by legacy First Horizon shareholders with approximately 44% held by legacy IBERIABANK shareholders. "Ensuring that the transition and conversion are as seamless as possible is a top priority.". Information regarding First Horizon's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 11, 2019, and certain of its Current Reports on Form 8-K. Information regarding IBERIABANK's directors and executive officers is available in its definitive proxy statement, which was filed with SEC on March 28, 2019, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC. A replay of the call will be available until midnight Central Time on November 11, 2019, by dialing 1-877-344-7529. It is also worth noting that the newly merged First Horizon Bank will keep IberiaBank’s 136,000-square-foot building after the merger is finished at the end of the second quarter of 2020. Executive LeadershipThe Executive Leadership team is comprised of members from both companies, including: 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: Under the terms of the merger agreement, IBERIABANK shareholders received 4.584 shares of First Horizon for each IBERIABANK share they own. 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, Tennessee and operate under the First Horizon name. First Horizon’s planned merger with IBERIABANK has received full regulatory approval from the Federal Reserve Board, the two companies announced last week. To listen to the live call, please dial 1-877-879-1183 and enter the participant code 9174896. 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. First Horizon National Corp. and IBERIABANK Corporation on Monday announced receipt of regulatory approval from the Board of Governors of … For convenience, clients can continue to use the full ATM network of both banks for cash withdrawals at no charge. IberiaBank CEO Daryl Byrd, who has become executive chairman of First Horizon's board with the merger, could take home more than 10 times the value of his annual base salary in cash — $14 million. The combined company's regional banking headquarters will be located in New Orleans, La. 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