MEMPHIS, Tenn. — First Horizon and IBERIABANK announced Monday that they have entered into an agreement that will merge both companies in 2020.
The new company will operate under the First Horizon name and be headquartered in Memphis.
With a combined $75 billion in assets, $57 billion in deposits and $55 billion in loans, the company will reportedly be one of the largest banking institutions in the South and among the top 25 in the nation in deposits.
“Our merger of equals with IBERIABANK is an exciting milestone and the logical next step in the continued successful transformation of our company. Separately, we are both formidable organizations with strong track records, great businesses and talented bankers. Together, First Horizon and IBERIABANK will create a powerful new company driven by our shared commitment to our customers, communities, shareholders and the employees we serve,” said Bryan Jordan, Chairman and CEO of First Horizon.
The transaction is expected to close in the second quarter of 2020.