S&C Advises First Horizon as It Completes Merger with IBERIABANKJuly 21, 2020
First Horizon National Corporation completed its $3.9 billion all-stock merger-of-equals with IBERIABANK Corporation on July 1. The deal, which was announced last November, was the second-largest bank merger announced in 2019. The combined company—with $79 billion in assets, $60 billion in deposits and $58 billion in loans—will be one of the largest 25 banks in the U.S. by deposits, and one of the largest financial services companies in the Southern U.S. The company will be headquartered in Memphis and operate under the First Horizon name.
Upon closing, First Horizon shareholders owned 56 percent of the combined company, and IBERIABANK shareholders owned 44 percent. Before the merger, both First Horizon and IBERIABANK were among the leading providers of financial services in the southeastern United States.
The S&C team representing First Horizon was led by Rodge Cohen, Senior Chair of the Firm, Mitch Eitel, the Managing Partner of the Financial Services Group, and Camille Orme. Marc Treviño advised on executive compensation and benefits and employment matters. Davis Wang advised on tax matters and Bob Reeder advised on securities matters.