LAFAYETTE, La. (AP) — Tennessee-based First Horizon and the Louisiana-based IberiaBank are combining in a deal worth $3.9 billion.
The regional banking companies announced what they are calling a "merger of equals" in a statement Monday. The combined company will have its headquarters in Memphis, Tennessee, and a regional banking center in New Orleans.
The new company will have $75 billion in assets and market capitalization of $9 billion after the all-stock deal closes next year.
The announcement says IberiaBank shareholders will get 4.584 shares of First Horizon stock for each share they own.
First Horizon has more than 5,500 employees and operates mostly in Tennessee and the Carolinas. IberiaBank is based in Lafayette and has more than 3,100 employees with operations mostly in Gulf Coast states from Texas to south Florida.