LAFAYETTE, La (Leigh Guidry and Ashley White/The Advertiser)- IBERIABANK and Tennessee-based First Horizon National Corporation announced a merger Monday, a move that will shift the 132-year-old Louisiana bank’s headquarters to Memphis and create one of the South’s largest financial service companies.
Under the terms of the agreement announced by the companies in a joint statement, the combined company will operate under the First Horizon name. The new company’s regional banking headquarters will be located in New Orleans.
Despite the move, the combined company “will maintain a significant operating presence in all of the markets in which both companies operate today.” First Horizon does not have locations in Louisiana, but IBERIABANK does have branches in Tennessee, and the two banks have other shared markets.
Daryl G. Byrd, president and CEO of IBERIABANK, will serve the new company as executive chairman of the board of directors, and Bryan Jordan, chairman and CEO of First Horizon, will serve as chief executive officer. The new company will have nine board members – five from First Horizon and four from IBERIA BANK.
The merger is expected to close in the second quarter of 2020, according to the joint statement.
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