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LAFAYETTE, La. (WAFB) - IBERIABANK, with seven Baton Rouge branches, having a merger of equals with Tennessee based First Horizon National Corp., according to a Monday announcement from First Horizon.
The combined holding company and bank will operate under the First Horizon name and will be headquartered in Memphis, Tenn. The combined company’s regional banking headquarters will be located in New Orleans.
The merger is expected to close in the second quarter of 2020.
After the transaction is finalized, the combined company will be one of the largest financial services companies based in the South and one of the top 25 banks in the U.S. in deposits, First Horizon states.
The combined organization will have $75 billion in assets, $57 billion in deposits and $55 billion in loans.
IBERIABANK shareholders will receive 4.584 shares of First Horizon for each IBERIABANK share they own. First Horizon shareholders will own 56% and IBERIABANK shareholders will own 44% of the combined company.
In addition, IBERIABANK shareholders will receive a 43% increase in their dividend.