Mainstreaming some emergency measures would provide the Department of Design and Construction more contracting flexibility, said first deputy commissioner Jamie Torres-Springer. By joining forces with First Horizon, we will create an organization that has the resources to invest in advanced technologies and expand lending capacity and product offerings for our combined clients. Moreover, the deal comes with about $410 million in loans. Reducing tax fraud is one of the goals of the fiscal plan approved by the Puerto Rico Oversight Board in May. Per the terms of the deal, First Horizon will assume deposits worth around $2.4 billion, at a deposit premium of around 3.4%. While serving in this capacity Cordova branch was highest transactional branch in Memphis bank footprint. The merger is expected to close in the second quarter of 2020, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results or other developments. Our partnership will leverage our best-in-class workforce and build on and complement the well-established strong foundations of both organizations. 601 Poydras Street. Its banking subsidiary, First Horizon (formerly First Tennessee), is the largest bank in Tennessee and the fourth largest regional banking company in the Southeast. Morgan Stanley & Co. LLC is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to First Horizon. Leveraging technology for the creation and distribution of both companies’ products while also providing transparency and educational tools for financial advisors, institutions and issuers, is key to the merger. We are pleased to have a partner with a complementary people-focused culture, shared values and a growth-oriented business model. For reprint and licensing requests for this article. Thomas said in 2020 FHN will focus more attention on the southwest and southeast regions where the bank’s overall footprint is growing to a size that nears the nation’s largest regional banks. First Horizon Bank and IBERIABANK, a division of First Horizon Bank, will continue to offer independent product lines for a period of time. “We have had great momentum and some nice wins,” said Michael Solomon, an FHN senior vice president who works out of the firm’s New York office. Additionally, IBERIABANK shareholders will receive a 43% increase in their dividend after consummation of the transaction, based upon each company's current dividend per share. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies, many of which are beyond the control of First Horizon and IBERIABANK, and many of which, with respect to future business decisions and actions, are subject to change and which could cause actual results to differ materially from those contemplated or implied by forward-looking statements or historical performance. (RTTNews) - First Horizon National Corp. (FHN) and IBERIABANK Corp. (IBKC) announced Monday that they have agreed to combine the companies … “First Horizon is truly unique in its ability to provide world-class customer service and modern banking solutions that meet the needs of our clients. This may include differing underwriting guidelines, product features, terms, fees, and pricing. “As we look to strategically target new markets as well as get deeper in the ones we’re competing in, I think there is an opportunity to recruit really talented individuals to an organization and a platform that is committed long-term to public finance.”. When typing in this field, a list of search results will appear and be automatically updated as you type. Our clients may be the target of fraud … Thomas said the firm would also like to eventually gain more of a presence in the Midwest region and is looking to recruit new banking talent for a few concentrated municipal sectors such as transportation and higher education. The companies expect to save $170 million from combining operations. Jim Cramer: First Horizon Is a Gem Among the Regional Banks But FHN bank CEO Bryan Jordan faces a big challenge in getting investors to recognize that fact. Two years ago First Horizon — then known as First Tennessee Bank — acquired North Carolina-based Capital Bank Financial Corp., which helped spread its footprint … First Horizon Bank and IBERIABANK, a division of First Horizon Bank, will continue to offer independent product lines for a period of time. Investors and shareholders will be able to obtain a free copy of the registration statement, including the joint proxy statement/prospectus, as well as other relevant documents filed with the SEC containing information about First Horizon and IBERIABANK, without charge, at the SEC's website (http://www.sec.gov). First Horizon is in the top 10 for Charlotte-area banks, reporting about $1.25 billion in local deposits last year. First Horizon and IBERIABANK will conduct a live conference call to discuss the transaction at 8:30 a.m. Central Time today. Presentation slides will be available on both the First Horizon website (www.firsthorizon.com) and the IBERIABANK website (www.iberiabank.com). First Horizon Bank and First Horizon Advisors provide consumer and commercial banking and wealth management services. The cost saving measures are expected across First Horizon, not just in IberiaBank's footprint. Like what you see? First Horizon Bank is a Member FDIC and Equal Housing Lender. "We’re evolving to that next level and are excited about 2020.”. Make sure you're getting it all, Independent and authoritative analysis and perspective for the bond buying industry, Puerto Rico Treasury announces crackdown on tax fraud, Munis sell off in double digits as correction continues, Anaheim sees ratings downgrade as city struggles amid Disney closure, Chicago mayor wants veto of 'reckless' firefighter pension bill, 280 CapMarkets, Incapital merge to create InspereX, a FinTech-focused firm, Texas deep freeze could bring staggering bills for cities and utilities, NYC agency wants capital procurement ‘handcuffs’ removed, San Francisco's largest school district takes second ratings hit, Munis end with largest increase in yields in a week since COVID-induced turmoil. First Horizon Advisors is the trade name for wealth management products and services provided by Bank and its affiliates. Founded in 1864, it is the fourteenth oldest United States bank on the list of oldest banks in continuous operation. The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC". The goal is to upfit all of the branches across First Horizon's footprint over the next three to five years, said Daniel Dent, retail banking executive. Investment management services, investments, annuities and financial planning available through First Horizon Advisors, Inc., member FINRA, SIPC, and a subsidiary of Bank. ", IBERIABANK President and CEO Daryl Byrd said, "This merger of equals represents an exciting next chapter for both companies. - Creates a leading regional financial services company with significant scale at $75 billion in assets, - Combination to be strongly accretive to EPS, - Significant synergies anticipated to drive value creation and enhanced financial performance, - Pro forma company expected to have peer leading profitability metrics, - Proven strong credit culture and risk management practices, - Aligned relationship-oriented cultures committed to creating a great place to work for employees, - Expansive 11-state reach in high-growth, attractive markets across the combined footprint, - Broadens business mix, creating a strong core deposit franchise, diversified loan portfolio and differentiated revenue streams, - Scale and earnings power to invest in advanced technologies and innovation to deliver an extraordinary client experience, - Experienced combined management team with a strong history of successfully executing and integrating transformative transactions. Muni yields rose another five basis points on the 10- and 30-year, bringing the total cuts to scales to 18 and 17 basis points, respectively, from Tuesday as the asset class moved closer to UST movements after lagging that market since the start of the year. Copies of the registration statement, including the joint proxy statement/prospectus, and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Clyde A. Billings Jr., First Horizon, 165 Madison Ave, Memphis, TN 38103, telephone (901) 523-5679, or Jefferson G. Parker, IBERIABANK, 200 West Congress Street, Lafayette, LA 70501, telephone (504) 310-7314. Data released Monday showed economic strength with further improvement ahead. Trust services provided by First Horizon Bank. ... with Florida's 68 branches the most of any state across the bank's footprint. Upon closing of the transaction, the Board of Directors will consist of nine directors from First Horizon and eight directors from IBERIABANK. The principal place of business of FHIS is 165 Madison Ave., Memphis, TN 38103. ... First Horizon has sizable footprint … 45,524 likes. Welcome to the official page of First Horizon Bank. First Horizon National Corp. (NYSE:FHN) provides financial services through First Horizon Bank, First Horizon Advisors, and FHN Financial businesses. It is the holding company for First Tennessee Bank and FTN Financial. San Francisco Unified School District's rating was lowered a notch to Aa3 by Moody's Investors Service. CRA Data Analyst - Location: First Horizon Bank Footprint ^company_name^ Lafayette, LA. FHN Financial, which operates partly through a division of First Horizon Bank and partly through subsidiaries, is an industry leader in fixed income sales, trading, and strategies for institutional clients in the U.S. and abroad. The words "believe," "expect," "anticipate," "intend," "estimate," "should," "is likely," "will," "going forward" and other expressions that indicate future events and trends identify forward-looking statements. The Company's common stock market capitalization was approximately $3.9 billion, based on the closing stock price on November 1, 2019. Bryan Jordan, Chairman and CEO of First Horizon, said, "Our merger of equals with IBERIABANK is an exciting milestone and the logical next step in the continued successful transformation of our company. First Horizon looks priced for high single-digit to low double-digit annualized returns, which isn't bad, but I like to pay $0.90 (or less) for a dollar of value and bank stocks are no exception. Collectively, the two companies have committed $10 billion to community benefit plans to increase access to financial resources and support for low and moderate income communities in the South. A replay of the call will be available until midnight Central Time on November 11, 2019, by dialing 1-877-344-7529. First Horizon Bank. Through this alliance with Operation HOPE, First Horizon Bank offers free financial empowerment workshops at our HOPE Inside locations in Florida, North Carolina, South Carolina, Tennessee and Mississippi. Disneyland amusement park in Anaheim has been closed since March as California struggled to reduce its COVID-19 numbers. ... FHN) provides financial services through First Horizon Bank, First Horizon Advisors, and FHN Financial businesses. First Horizon National Corp. (NYSE:FHN), with $86 billion in assets, is a leading regional financial services company, dedicated to strengthening the lives of our associates, clients, shareholders, and communities. First Horizon National Corporation 2019 Corporate Social Responsibility Report 5 Company Profile First Horizon National Corporation offers regional banking, fixed income, and wealth management through our family of companies. Our combined new scale, deep experience in financial services and diverse business mix in the South uniquely position us to accelerate our growth and create lasting shareholder value. First Horizon — formerly First Tennessee Bank — recorded nearly $114 million in local deposits as of June 30, 2019, per the FDIC. Under the terms of the merger agreement, IBERIABANK shareholders will receive 4.584 shares of First Horizon for each IBERIABANK share they own. Insurance products are provided by First Horizon Insurance Services, Inc. (“FHIS”), a Tennessee corporation, and a subsidiary of First Horizon Bank. HOPE Inside locations have served 32,783 clients, and 217 new small businesses have been created. Once the merger … Information regarding First Horizon's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 11, 2019, and certain of its Current Reports on Form 8-K. Information regarding IBERIABANK's directors and executive officers is available in its definitive proxy statement, which was filed with SEC on March 28, 2019, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC. We've found that it's harder than it should be to obtain a current list of the biggest banks by asset size, so we decided to put it here — data straight from the FDIC in June 2020.. For years, JPMorgan Chase, Bank of America, Wells Fargo, and Citi have … The company operates approximately 270 bank locations across the Southeast U.S. and 29 FHN Financial offices across the entire U.S. FHN Advisors wealth management group has more than 300 financial professionals and about $4.8 billion in assets under management. 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. The combined company will be led by a balanced board and executive leadership team composed of members from both First Horizon and IBERIABANK. This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") with respect to First Horizon's and IBERIABANK's beliefs, plans, goals, expectations, and estimates. from 8 AM - 9 PM ET. Keefe, Bruyette & Woods and Goldman Sachs are serving as financial advisors and Simpson Thacher & Bartlett LLP is serving as legal counsel to IBERIABANK. This may include differing underwriting guidelines, product features, terms, fees, and pricing. Cision Distribution 888-776-0942 I look forward to becoming actively involved in the Nashville community and to working with my colleagues to grow the bank’s footprint in Middle Tennessee.” About First Horizon We caution that the foregoing list of important factors that may affect future results is not exhaustive. FHN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. Free copies of these documents, when available, may be obtained as described in the preceding paragraph. Beware of unexpected texts or calls that may appear to be from First Horizon Bank Fraudsters have ramped up their efforts within the First Horizon footprint. FHN Financial reports large strides in its public finance business amid a rebranding and bank merger with eyes on a larger piece of the pie. The combined bank will continue its investments in these and other important initiatives in the communities in which it operates. FHN was credited with $2.595 billion of business in 2019 compared to $1.611 billion in 2018, according to data from Refinitiv, with much of last year’s growth achieved in the second half as the merger took effect. The web site you have selected is an external site not operated by Horizon Bank. The banking subsidiary was founded in 1864 and has the largest deposit market share in Tennessee. First Horizon has agreed to a two-year non-compete covenant related to the National Mortgage Business with a carve-out for First Horizon continuing to operate retail mortgage lending in its First Tennessee Bank footprint market (including future markets entered on a de-novo basis or thru acquisition/merger). California Insurance License # … Examples of uncertainties and contingencies include factors previously disclosed in First Horizon's and IBERIABANK's respective reports filed with the U.S. Securities and Exchange Commission (the "SEC"), as well as the following factors, among others: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Horizon and IBERIABANK; the outcome of any legal proceedings that may be instituted against First Horizon or IBERIABANK; the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; the risk that any announcements relating to the proposed combination could have adverse effects on the market price of the common stock of either or both parties to the combination; the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where First Horizon and IBERIABANK do business; certain restrictions during the pendency of the merger that may impact the parties' ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; First Horizon and IBERIABANK success in executing their respective business plans and strategies and managing the risks involved in the foregoing; the dilution caused by First Horizon's issuance of additional shares of its capital stock in connection with the proposed transaction; and other factors that may affect future results of First Horizon and IBERIABANK. The combined companies will now operate under the First Horizon brand and will be headquartered in Memphis, with a regional banking headquarters in New Orleans. First Horizon's (FHN) latest deal will help cater its services in the new markets of Durham, Chapel Hill, and Winston-Salem, NC, as well as fortify the bank's services in Virginia and Georgia. Thomas noted that roughly 66% of FHN’s par amount was executed in the last six months of the year largely driven by issuers seeking low taxable interest rates for refundings. 601 Poydras St. 7/28/2020 Investor Relations Client Services Operations Coordinator ^company_name^ We look forward to bringing our companies together to better serve our clients and communities. FHN‘s busy late 2019 included leading a $152.2 million general obligation offering from Yonkers, New York and $17.6 million refunding deal for Norwalk, Connecticut, in November which Thomas said demonstrates the firm's extended footprint. Additional factors that could cause results to differ materially from those contemplated by forward-looking statements can be found in First Horizon's Annual Report on Form 10-K for the year ended December 31, 2018, and in its subsequent Quarterly Reports on Form 10-Q filed with the SEC and available in the "Investor Relations" section of First Horizon's website, http://www.firsthorizon.com, under the heading "SEC Filings" and in other documents First Horizon files with the SEC, and in IBERIABANK's Annual Report on Form 10-K for the year ended December 31, 2018, and in its subsequent Quarterly Reports on Form 10-Q filed with the SEC and available in the "Investor Relations" section of IBERIABANK's website, www.iberiabank.com, under the heading "Financials & Filings" and in other documents IBERIABANK files with the SEC. Was highest transactional branch in Memphis Bank footprint best-in-class workforce and build on and complement the well-established strong foundations both. 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