One of the largest bank holding companies in the state — Iberiabank is merging with First Horizon out of Memphis.
The CEO’s of both corporations outlined the impact to employees and businesses.
News Ten’s Renee Allen was at today’s news conference.
“I think is clear the landscape for the finance industry has changed especially with technology. The CEO of Iberia Bank says they found they can do more together than apart.”
Iberia Bank CEO Daryl Byrd says the merged banks will have about $75 billion in assets.
“It will be one of the strongest banks in the south and formidable competitor in the south and one the top 25 banks in the country.”
Iberia Bank will change its name to First Horizon.
“We both told our people this morning. If you’re a teller or if you’re in one of branches you have a job. If you’re one of our relationship managers who deals with clients than you have a job.
The CEO of First Horizon is hopeful any employee job loss due to overlap will be managed through attrition such as retirements.
He says an integration team is being put together with plenty of time to work through the pieces.
“We will be very proactive in providing severance and transition things for people who are impacted wherever they are .”
First Horizon says the company as one will have expanded capacity to do more lending, invest in more advance technology and offer better customer products.
The venture is truly being looked at as a merger of equals.
“To invest in more things at a greater level of investment to make customers lives and banking better than we could have done individually..”