"We chose a partner who values deep relationships and is culturally aligned with our core mission, which is to create a great place to work for employees, deliver extraordinary, value-based client service, meet the expectations of our shareholders and invest in the communities we serve. 2 bank in Memphis, and elevated its chief executive, Jackson Moore, to Regions chairman. And if it is ever sold, it will profit the thousands of Memphians who are stockholders, turn some into multimillionaires.If many of them reinvest their windfall in Memphis, create businesses and jobs here — well, just maybe, we come out ahead. This was once a financial hub. They oversee a bank far bigger than the old First Tennessee, which, 20 years ago, held $17.6 billion in assets.It is a bigger business now. "It's too early to know where all the impact will be," Bryan Jordan, chairman and CEO of First Horizon, said at the Monday press conference at IBERIABANK'S downtown Lafayette headquarters. Taylor comes from Citizens Financial, a $166-billion-in-assets bank based in Providence, Rhode Island. But it will be in the middle of the top 100, ranking by one estimate 36th in size, which means it is not too big to buy for a larger bank like No. It is unclear how many of those jobs might be lost in the merger, and bank officials could not provide specifics. First Horizon Bank will continue to use “IBERIABANK” as a trade name for branches, offices and ATMs previously operated by IBERIABANK.
Nor do they depend exclusively on borrowers in their hometowns. Jordan has recast the board. The new company also will create the Louisiana First Horizon Foundation, funded with $20 million for initiatives throughout Louisiana, Byrd said. It expanded in the late 1980s and moved into Lafayette in 1989 with the acquisition of Acadia Savings & Loan.It now operates in 10 states — Louisiana, Alabama, Florida, Arkansas, Tennessee, Georgia, Texas, North Carolina, New York and South Carolina. First Horizon shareholders will own 56 percent and IBERIABANK shareholders will own 44 percent of the combined company.Additionally, IBERIABANK shareholders will receive a 43 percent increase in their dividend after consummation of the transaction, based upon each company's current dividend per share. If you are in back office or operations, we will deal with that.
Effective July 2, 2020, IBERIABANK merged with and into First Horizon Bank. Banking products and services at such locations will be provided by IBERIABANK, a division of First Horizon Bank. IberiaBank Corporation, stylized as IBERIABANK, is an American financial holding company headquartered in Lafayette, Louisiana, and is the largest bank based in the state. We look forward to bringing our companies together to better serve our clients and communities. First Horizon Bank will continue to use “IBERIABANK” as a trade name for branches, offices and ATMs previously operated by IBERIABANK. In 2017, it pulled off a $2.2 billion takeover of Capital Bank Financial Corp., which was based in Charlotte, North Carolina, and rooted in the Miami area.Jordan along the way earned industry accolades for guiding and stabilizing First Horizon, though there is a key development to take note of. Iberiabank pulled its head office out of little New Iberia several years ago and moved to 175,000-population Lafayette. Secondly, they encourage top execs to look for merger opportunities.What all this means for Memphis — home of a $75-billion-in-assets bank with a top-flight board of directors and an all-star investor relations chief — is still uncertain, though it probably means we’ll one day see the headlines announcing a First Horizon buyout.Is that all bad? It may be for community pride and philanthropy.But in the general scheme of banking, this isn’t the old First Tennessee. First Horizon’s board earlier set in place change-in-control provisions. She earlier headed investor relations for massive BlackRock Inc., a New York investment manager handling $7.4 trillion in assets.What her arrival means in terms of First Horizon’s independence is merely speculation right now. It may be for borrowers accustomed to solid relationships with their hometown banker. It has worked. And it stands as the bank that succeeded when a slew of other banks, including First Horizon, stumbled after the real estate market crashed in 2008.Led by chief executive Daryl Byrd, the Lafayette bank avoided the temptation of Texas, an inviting mortgage market before the crash sent loan defaults soaring. Aarti Bowman, First Horizon investor relations chief since 2009, will report to her. "By joining forces with First Horizon, we will create an organization that has the resources to invest in advanced technologies and expand lending capacity and product offerings for our combined clients," Byrd said in a release.