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. 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.
"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,"
Jordan commented. "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 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, 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.
Executive Leadership
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
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:
- 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
- Rajesh Subramaniam
- Rosa Sugrañes
- R. Eugene Taylor
Under the terms of the merger agreement, IBERIABANK shareholders
received 4.584 shares of First Horizon for each IBERIABANK share
they own. Approximately 56% of the combined company is held by
legacy First Horizon shareholders with approximately 44% held
by legacy IBERIABANK shareholders.
Shares of IBERIABANK 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.
Forward Looking Statements
This communication
contains certain "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933, as amended (the "Securities Act"),
and Section 21 E of the Securities Exchange Act of 1934, as
amended, (the "Exchange Act") with respect to First Horizon's
beliefs, plans, goals, expectations, and estimates. Forward-looking
statements are not a representation of historical information, but
instead pertain to future operations, strategies, financial results
or other developments. The words "believe," "expect," "anticipate,"
"intend," "estimate," "should," "is likely," "will," "going
forward" and other expressions that indicate future events and
trends identify forward-looking statements.
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 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.
Examples of uncertainties and contingencies include factors
previously disclosed in First Horizon's reports filed with the U.S.
Securities and Exchange Commission (the "SEC"), as well as the
following factors, among others: the outcome of any legal
proceedings that may be instituted against First Horizon; First
Horizon's success in executing its business plans and strategies
and managing the risks involved in its merger with IBERIABANK; the
potential impacts on First Horizon's businesses of the coronavirus
COVID-19 pandemic, including negative impacts from quarantines,
market declines and volatility, and changes in customer behavior
related to COVID-19; and other factors that may affect future
results of First Horizon.
First Horizon cautions that the foregoing list of important
factors that may affect future results is not exhaustive.
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. no. 333-235757) and filings related to
that registration statement.
About First Horizon
First Horizon National Corp.
(NYSE:FHN), with $79 billion in
assets, is a leading regional financial services company, dedicated
to strengthening the lives of our associates, clients,
shareholders, and communities. Headquartered in Memphis, TN, the banking subsidiary First
Horizon Bank operates approximately 460 bank locations in 11 states
across the Southeast. 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.
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. More information is available at www.FirstHorizon.com
FHN-G
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SOURCE IBERIABANK Corporation
