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First Horizon enters Tampa-St. Pete market with $3.9 billion deal for IberiaBank

Margie Manning



IberiaBank at 500 4th St. N. in St. Petersburg

First Horizon National Corp. (NYSE: FHN), a Memphis-based bank, has an agreement to buy all the stock of IberiaBank Corp. (Nasdaq: IBKC) for $3.9 billion.

The all-stock deal will give First Horizon its first presence in the Tampa-St. Petersburg-Clearwater metro area.

IberiaBank, a Lafayette, Louisiana-based bank that entered the market in 2015 when it acquired the former Florida Bank and Florida Bank Group, had six offices and $364 million in deposits as of June 30, the most recent data available from the Federal Deposit Insurance Corp.

Marty Lanahan

Marty Lanahan, a veteran of the local banking industry, was named executive vice president and Tampa Bay market president for IberiaBank in April.

Florida Bank originally was established in 1985 as the Bank of St. Petersburg, but moved its headquarters to Tampa in 2004 and changed its name in 2008.

The deal, which is described as a merger of equals, will create an organization with $75 billion in assets, $57 billion in deposits and $55 billion in loans. It will be one of the top 25 U.S. banks in deposits, and one of the largest financial services companies headquartered in the south, a news release said.

The combined holding company will be headquartered in Memphis and operate under the First Horizon name. The regional banking headquarters will be in New Orleans. The company will maintain a significant presence in all of the markets in which both companies currently operate, the release said.

IberiaBank shareholders will receive 4.584 shares of First Horizon stock for each share of IberiaBank stock they hold, as well as a 43 percent increase in their dividend once the deal closes. That’s expected to happen in the second quarter of 2020.

The combined company will be led by Bryan Jordan, chairman and CEO of First Horizon, and Daryl Byrd, IberiaBank president and CEO of IberiaBank. Jordan will be CEO of the combined company and Byrd will become executive chairman of the board of directors. The board will have nine directors from First Horizon and eight directors from IberiaBank.

Morgan Stanley was financial advisor and Sullivan & Cromwell was legal counsel to First Horizon. Keefe Bruyette & Woods and Goldman Sachs were financial advisors and Simpson Thacher & Bartlett was legal counsel to IberiaBank.

Closer look: IberiaBank’s local offices

St. Petersburg

500 4th St. N.

777 Pasadena Ave. S.


201 N. Franklin St.

4105 N. Himes Ave.

612 S. Dale Mabry Hwy.


3100 Tampa Rd.

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