First Horizon National Corporation Receives Shareholder Approval for Merger of Equals
First Horizon National Corp. ("First Horizon") (NYSE: FHN) today announced receipt of shareholder approval for its previously announced all-stock merger of equals with IBERIABANK Corporation (“IBERIABANK”). The shareholders of each company approved the merger at special meetings held on April 24, 2020. Upon completion of the transaction, the combined company will be one of the largest financial services companies headquartered in the South and one of the top 25 banks in the U.S. in deposits. The companies expect the merger to close in the second quarter of 2020, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.
Bryan Jordan, Chairman and CEO of First Horizon, said, “We are pleased that our shareholders strongly support our plan to merge our two complementary franchises. As a combined company, we will have an expansive 11-state reach in high-growth, attractive markets across our combined footprint. When we complete the integration of our company in 2021, we will be better positioned to deliver the innovative products and technology our customers have come to expect from us. We are both community-focused, service organizations. Our teams look forward to using our combined resources to better serve our customers and support our communities.”
Under the terms of the merger agreement, holders of IBERIABANK common stock will receive 4.584 shares of First Horizon common stock for each share of IBERIABANK common stock they own at the closing. Following closing, the combined holding company and combined bank will operate under the First Horizon name and will be headquartered in Memphis, Tenn. The headquarters of the combined company's regional banking business will be located in New Orleans, La.
Morgan Stanley & Co. LLC is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to First Horizon. Keefe, Bruyette & Woods and Goldman Sachs are serving as financial advisors and Simpson Thacher & Bartlett LLP is serving as legal counsel to IBERIABANK.