First Horizon National Corp. announced completion of their previously announced all-stock merger of equals with Iberia Bank.
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 and operate under the
First Horizon name.
“The completion of this merger marks a significant milestone for our clients, associates,
shareholders and communities,” said Bryan Jordan, president and CEO of First Horizon. “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.”
Daryl G. Byrd, executive chairman of the board of First Horizon, commented, “This
extraordinary combination reflects hard work, dedication and collaboration across the platforms
as we work to build a premier southern-based bank. 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.
“Clients can count on us to keep them informed and prepared. Ensuring
that the transition and conversion are as seamless as possible is a top priority.”
Clients will continue to be served through their respective First Horizon or Iberia Bank branches, websites, mobile apps, financial advisors and relationship managers until systems are
integrated. Iberia Bank will adopt the First Horizon name following operating systems
conversion, which is expected to occur in mid-2021. For convenience, clients can continue to use
the full ATM network of both banks for cash withdrawals at no charge. 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.
The Executive Leadership team is comprised of members from both companies, including:
Terry Akins, Chief Risk Officer
Beth Ardoin, Chief Communications Officer
Michael Brown, President, Regional Banking
Daryl Byrd, Executive Chairman of the Board
Bryan Jordan, President and Chief Executive Officer
Tammy LoCascio, Chief Human Resources Officer
William C. Losch, III, Chief Financial Officer
David Popwell, President, Specialty Banking
Anthony Restel, Chief Operating Officer
Susan Springfield, Chief Credit Officer
Vernon H. Stafford, Jr., Chief Audit Executive
The combined company’s Board of Directors consists of 17 members with nine directors from
First Horizon and eight directors from Iberia Bank, including:
Harry V. Barton, Jr.
Kenneth A. Burdick
Daryl G. Byrd (Executive Chairman of the Board)
John N. Casbon
John C. Compton
Wendy P. Davidson
William H. Fenstermaker
D. Bryan Jordan
J. Michael Kemp, Sr.
Rick E. Maples
Vicki R. Palmer
Colin V. Reed (Lead Director)
E. Stewart Shea, III
Cecelia D. Stewart
R. Eugene Taylor
Under the terms of the merger agreement, Iberia Bank shareholders received 4.584 shares of
First Horizon for each share they own. Approximately 56% of the combined
company is held by legacy First Horizon shareholders with approximately 44% held by legacy
Iberia Bank shareholders.
Shares of Iberia Bank ceased trading before the opening of the NASDAQ stock market on
July 2, 2020. The combined company’s 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.