First Horizon, IberiaBank Merge
First Horizon National Corp. (NYSE: FHN) and IberiaBank Corporation (NASDAQ: IBKC) today announced that they have entered into an all-stock merger of equals. The combined holding company and bank will operate under the First Horizon name and be headquartered in Memphis, Tenn. It will have $75 billion in assets, $57 billion in deposits and $55 billion in loans. IberiaBank shareholders will receive 4.584 shares of First Horizon for each IberiaBank share they own. 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. IberiaBank currently has several branches in Sarasota, and First Horizon has one location in Nokomis.