MEMPHIS, Tenn. and LAFAYETTE, La., June 15, 2020 (GLOBE NEWSWIRE) -- First Horizon National Corp. ("First Horizon") (NYSE: FHN) and IBERIABANK Corporation ("IBERIABANK") (NASDAQ: IBKC) today 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. 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.”
Jordan continued, “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.”
“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.