What bank took over Iberia?

With the merger completed and systems converted, First Horizon Corp. has put its name on the five-story former IberiaBank building at 135 W. Bay St. Downtown.

The banks merged in July 2020. The operating systems were converted Feb.18-21.

The sign went up Feb. 20. The FirstHorizon.com site says IberiaBank banking centers will reopen Feb. 22 as First Horizon.

The IberiaBank name was removed from the building at 135 W. Bay St.

American/Interstate Signcrafters Inc. of Boynton Beach is the contractor for the project, including the Truist name, logo and directional signs for parking, the entrance and the ATM.

The Downtown Investment Authority said the signs were not required to request Downtown Development Review Board approval because they met code, meaning they were under the allowed square footage.

On July 2, 2020, First Horizon National Corp., based in Memphis, Tennessee, and IberiaBank Corp., of Lafayatte, Louisiana, announced they completed their all-stock $3.9 billion merger of equals. 

The combined company is headquartered in Memphis and operates under the First Horizon name.

Its two Northeast Florida offices are Downtown and in Ponte Vedra Beach. The Downtown building is next to the Bank of America Tower.

The combined company has $89 billion in assets, $74.6 billion in deposits and $54.7 billion in loans as of Dec. 31.

First Horizon Bank operates in 12 states across the southern U.S. 

The First Horizon name goes up at 135 W. Bay St.

The First Horizon name change is completed at 135 W. Bay St.

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First Horizon National Corp. generated a $225 million profit during first quarter this year, or 40 cents per share.

The Tennessee bank absorbed Lafayette-based IberiaBank in a $3.9 billion deal that closed during second quarter last year. 

The companies are still working to integrate the businesses, executives told investors this week. As such, many IberiaBank signs have not yet been changed, particularly in Louisiana markets. For example, the IberiaBank tower in Lafayette still bears the old company's moniker. 

The most recent profits released are compared to $12 million of net income, or 4 cents per share, for First Horizon shareholders during first-quarter 2020. During that same time frame, then-IberiaBank generated $32.8 million in net income. 

Since then, Memphis-based First Horizon generated net income of $523 million during third-quarter 2020 and $234 million for the fourth quarter.  

The company saw cost savings related to the merger during first quarter worth $76 million on an annualized basis.

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So far, the company said it has seen "great results from our legacy Iberia market and relationship managers," such as private bankers, wealth managers and mortgages, executives told investors.

Total revenue at First Horizon increased to $806 million as of March 31 from $478 million during first-quarter 2020. Some of that uptick in revenue stems from the IberiaBank regular business, boosted by tens of thousands of Paycheck Protection Program loans. The federal coronavirus relief program offered loans to small businesses that could be forgiven. During the most recent round of PPP loans, First Horizon underwrote $1.5 billion across 15,000 forgivable loans. It expects much of the paycheck protection loans to be forgiven in the coming months.

At its peak after the first round of paycheck protection loans, the bank had $41.6 billion in loans on the books during third quarter 2020.  

Broadly, the company has seen some demand for loans outside of the federal program but expects to see more by the end of 2021. 

"While loan demand continued to be muted as clients were still cautious, we're starting to see growth in the loan pipelines and expect demand to pick up some in the back half of the year," Bryan Jordan, chief executive officer of First Horizon, said during an investors call this week.

The company had 1,215 associates in Louisiana as of December 2020. 

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First Horizon Bank, which acquired IberiaBank in 2020 and recently finished rebranding its local branches, is set to be acquired by Toronto-Dominion Bank.

Toronto-based TD Bank said Monday it will acquire First Horizon in a $13.4 billion all-cash deal, its biggest transaction ever, hoping to broaden its footprint in the southeastern U.S.

The deal would create one of the top six banks in the U.S., the companies said Monday, with approximately $614 billion in assets and a network of 1,560 locations serving over 10.7 million U.S. customers across 22 states.

TD Bank Group will pay $25 for each share of First Horizon Corp. Memphis-based First Horizon has more than 400 branches across 12 states and assets of $89 billion.

“The Southeastern U.S. represents a tremendous opportunity for TD and the addition of First Horizon’s commercial and specialty banking capabilities will position us as a leading national player in commercial banking," said TD CEO Leo Salom.

In addition to its home state of Tennessee, First Horizon operates in Louisiana, Florida, North Carolina, South Carolina and Virginia. It also has important footholds in major southern urban centers like Atlanta, Dallas and Houston.

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When First Horizon completed its takeover of IberiaBank in July 2020, the Lafayette-headquartered lender was the largest bank based in the state and the fourth-largest by number of Louisiana branches, with 64 locations.

TD, based in Toronto, said it is committed to maintaining First Horizon’s banking locations with no planned branch closures.

TD anticipates $1.3 billion in merger and integration costs, mostly in the first two years after the transaction closes. It expects about $610 million in cost savings.

TD Bank plans to contribute $40 million to a First Horizon foundation after the deal closes.

The deal is targeted to close in the first quarter of TD’s 2023 fiscal year. It still needs approvals from First Horizon’s shareholders and U.S. and Canadian regulatory authorities. The transaction will end, unless otherwise extended, if it does not close by Feb. 27, 2023.

TD Bank Group and First Horizon Corporation, which recently merged with IBERIABANK, announced that they have signed a definitive agreement for TD to acquire First Horizon.

The acquisition will be in an all-cash transaction valued at US$13.4 billion, or US$25.00 for each common share of First Horizon.

According to a release, through this transaction, TD will accelerate its long-term growth strategy in the United States by acquiring a premier regional bank with an aligned culture and risk-management framework.

"First Horizon is a great bank and a terrific strategic fit for TD. It provides TD with immediate presence and scale in highly attractive adjacent markets in the U.S. with significant opportunity for future growth across the Southeast," said Bharat Masrani, Group President and Chief Executive Officer, TD. "Working with the First Horizon team, TD will build upon the success of its strong franchise and deliver the legendary customer experiences that differentiate us in every market across our footprint."

In 2020, the merger between IBERIABANK and First Horizon National Corp was finalized. The combined company is headquartered in Memphis, Tennessee, and operated under the First Horizon name.

Online banking systems from IBERIABANK were integrated into the First Horizon system, last week.

TD says that once the transaction is completed First Horizon's current headquarters in Memphis will be a regional hub for TD in the U.S. Southeast, supporting customers and operations and contributing to local communities and economies.

TD says it is also committed to retaining First Horizon's client-facing bankers, with no planned branch closures as a result of the transaction. In addition, upon closing, $40 million will be contributed to a First Horizon foundation.

TD's U.S. franchise will be a top 6 U.S. bank, with approximately US$614 billion in assets and a network of 1,560 stores, serving over 10.7 million U.S. customers across 22 states; globally, TD Bank Group will have approximately C$1,841 billion in assets, with over 2,600 branches serving the needs of more than 27.5 million customers2.

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