Iberia Bank To Merge With First Horizon
There is a merger in the works between a Lafayette financial institution and a group in Memphis.
Iberia Bank of Lafayette and First Horizon out of Memphis, Tennessee will be merging in a mega deal worth around $4 billion.
Shareholders of Iberia Bank will see a nice chunk of stock from First Horizon as they will be getting 4.5 shares of First Horizon for each one of the shares of Iberia Bank that they own.
As far as who will be in control, it will be First Horizon who will be in control of 56% of the new institution.
When the two financial groups combine, they will have $57 billion in deposits along with $75 billion in assets for the new combination.