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The completion of the First Horizon Bank and IberiaBank merger of equals was finalized Thursday resulting in First Horizon becoming a top 25 bank in the U.S. when ranked by deposits of $60 billion, with 460 banking centers across 11 states.
First Horizon (NYSE: FHN) increases a significant footprint in Miami-Dade County and the combined company has $79 billion in assets as of March 31, 2020. The combined bank is headquartered in Memphis, TN. The regional president for South Florida is Mario Trueba and Miami market president is Orlando Roche.
“The completion of this merger marks a significant milestone for our clients, associates, shareholders and communities,” said Bryan Jordan, president and CEO of First Horizon. “The combined company’s enhanced scale, diversified business model and expertise in financial services uniquely position us to better serve our clients and communities, accelerate our growth and create long-term shareholder value.
“Clients can count on us to keep them informed and prepared,” Jordan commented. “Ensuring that the transition and conversion are as seamless as possible is a top priority.”
Daryl G. Byrd, executive chairman of the board of First Horizon adds, “This extraordinary combination reflects hard work, dedication and collaboration across the platforms as we work to build a premier southern-based bank. With the incredible legacies of both organizations as our foundation, we plan to combine the best of both companies to position us for success in this rapidly evolving world.”
Clients will continue to be served through their respective First Horizon or IberiaBank branches, websites, mobile apps, financial advisors and relationship managers until systems are integrated. IberiaBank will adopt the First Horizon name following operating systems conversion, which is expected to occur in mid-2021. For convenience, clients can continue to use the full ATM network of both banks for cash withdrawals at no charge. As the various systems of each bank are integrated and converted over the next year or so, affected clients will be notified of the changes.
The First Horizon news comes on the heels of helping more than 13,000 small businesses secure Small Business Association loans through the Paycheck Protection Payment (PPP) in May totaling approximately $2.1 billion with 22 percent of the 300,0000 employees served as women-owned, minority-owned and low- to moderate-income areas designated businesses. IberiaBank had secured a total of $2.13 billion impacting 240,000 employees with 99.8% of fully qualified loans awarded.
“Small businesses are the lifeblood of our economy,” Jordan expressed at the time of the most recent PPP announcement. “I am proud of the way our bankers served our customers during these challenging times and of the plans we have underway to restore our communities.”
For more information about First Horizon, visit the website www.firsthorizon.com
