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. 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. More. Together, First Horizon and IBERIABANK will create a powerful new company driven by our shared commitment to our customers, communities, shareholders and the employees we serve. The year-end target price suggests a high upside. 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 IBERIABANK merger drove loan growth in 3Q. 2Q19 Earnings Conference Call PowerPoint Presentation. IberiaBank and Tennessee-based bank First Horizon combine in nearly $4 billion deal The combined company will adopt First Horizon's name and be headquartered in Memphis. The combined bank will continue its investments in these and other important initiatives in the communities in which it operates. Free copies of these documents, when available, may be obtained as described in the preceding paragraph. More. Presentation slides will be available on both the First Horizon website (www.firsthorizon.com) and the IBERIABANK website (www.iberiabank.com). LAFAYETTE, La. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results or other developments. The Company's common stock market capitalization was approximately $3.9 billion, based on the closing stock price on November 1, 2019. First Horizon said it generated $14 million in merger-related savings during the fourth quarter —$56 million on an annualized basis — and it expects that figure to steadily increase until it reaches the $200 million target as soon as the first half of 2022. 2Q19 Earnings Conference Call PowerPoint Presentation. First Horizon, IBERIABANK and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. This communication does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval. First Horizon shareholders will own 56% and IBERIABANK shareholders will own 44% of the combined company. ", 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 received 4.584 shares of First Horizon for each IBERIABANK share they own. 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 … FHN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. In connection with the proposed transaction, First Horizon will file with the SEC a registration statement on Form S-4 to register the shares of First Horizon's capital stock to be issued in connection with the proposed transaction. 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. IberiaBank dropped 4.7% to $44.96. 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. Download Adobe Acrobat Reader, First Horizon National Corporation and IBERIABANK Corporation Complete Merger of Equals, For further information: Investor Relations, Ellen Taylor (901) 523-4450, Investor Relations, Aarti Bowman, (901) 523-4017 or Media Relations, Silvia Alvarez, (901) 523-4465. To listen to the live call, please dial 1-877-879-1183 and enter the participant code 9174896. no. Upon closing of the transaction, the Board of Directors will consist of nine directors from First Horizon and eight directors from IBERIABANK. "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 Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC". 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 transaction will create a $80.3 billion … Additional 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, 2018, and in its subsequent Quarterly Reports on Form 10-Q 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 files with the SEC, and in IBERIABANK's Annual Report on Form 10-K for the year ended December 31, 2018, and in its subsequent Quarterly Reports on Form 10-Q filed with the SEC and available in the "Investor Relations" section of IBERIABANK's website, www.iberiabank.com, under the heading "Financials & Filings" and in other documents IBERIABANK files with the SEC. Our partnership will leverage our best-in-class workforce and build on and complement the well-established strong foundations of both organizations. Monday, November 4, 2019. First Horizon cautions that the foregoing list of important factors that may affect future results is not exhaustive. IBERIABANK and First Horizon Merger Presentation. Approximately 56% of … A replay of the call will be available until midnight Central Time on November 11, 2019, by dialing 1-877-344-7529. The registration statement will include a joint proxy statement of First Horizon and IBERIABANK which will be sent to the shareholders of First Horizon and IBERIABANK seeking their approval of the proposed transaction. The company is recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. bank. Earnings of First Horizon … 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. IBERIABANK will adopt the First Horizon name following operating systems conversion, which is expected to occur in mid-2021. First Horizon will absorb Iberiabank, tripling in size compared to a decade ago and making it an attractive possible purchase for a larger bank. Under the terms of the merger agreement, IberiaBank shareholders received 4.584 shares of First Horizon for each IberiaBank share they own. 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. Both companies' longstanding commitments to serve their communities will remain central to the combined organization's future. This press release 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 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") with respect to First Horizon's and IBERIABANK's beliefs, plans, goals, expectations, and estimates. ", New Company Governance and Leadership Team. 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. Shares of IBERIABANK ceased trading before the opening of the NASDAQ stock market on July 2, 2020. Bryan Jordan, First … Further, FHN is offering a decent dividend yield. Separately, we are both formidable organizations with strong track records, great businesses and talented bankers. We are pleased to have a partner with a complementary people-focused culture, shared values and a growth-oriented business model. The confirmation code for the replay is 10136743. July 2019 Friday, July 19, 2019. 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’s planned merger with IBERIABANK has received full regulatory approval from the Federal Reserve Board, the two companies announced last week. About First HorizonFirst 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. 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. ", 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. 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. 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. 3Q19 Earnings Conference Call PowerPoint Presentation. "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. 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. The banking subsidiary was founded in 1864 and has the largest deposit market share in Tennessee. 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. 3Q19 Earnings Conference Call PowerPoint Presentation . 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. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates approximately 460 bank locations in 11 states across the Southeast. ("First Horizon") (NYSE: FHN) and IBERIABANK Corporation ("IBERIABANK") (NASDAQ: IBKC) today announced completion of their previously announced all-stock merger of equals. 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. 2.7 MB. Memphis-based First Horizon National Corp. and Louisiana-based IberiaBank … 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. 333-235757) and filings related to that registration statement. First Horizon National Corp. and IBERIABANK have completed their “merger of equals.” First announced on Nov. 4, 2019 , the two corporations agreed to combine in an all-stock transaction, creating a new entity with $79 billion in assets, $60 billion in deposits and $58 billion in loans, as of March 31, 2020. Jul 2, 2020, 2:44pm EDT First Horizon National Corp. and IberiaBank Corp. announced the completion of their merger on Thursday. 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. "Ensuring that the transition and conversion are as seamless as possible is a top priority.". 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. More information is available at www.FirstHorizon.com, COPYRIGHT © 2021 - ALL RIGHTS RESERVED 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. 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. 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