Lafayette-based IberiaBank is being bought in a $3.9 billion deal by First Horizon, a similarly-sized bank headquartered in Memphis, Tennessee. Here's what we know:
The merged company's main headquarters will be moved from Lafayette to Memphis, Tennessee.
The company will maintain a regional banking center in New Orleans.
The headquarters move suggests there will be job losses in Lafayette, but it remains unclear how many jobs will be eliminated.
The combined company expects to see a cost savings of about $170 million, which represents about 25% of IberiaBank operating expenses, at least some of which will come from payroll cuts.
Here's what we know about the two companies:
- Employees: 3,100
- Net Income: $304.5 million
- Total Deposits:$25 billion
- Total Loans:$23 billion
- Total Assets: $31.6 billion
First Horizon (Formerly First Tennessee Bank)
- Employees: 5,500
- Net Income: $378.2 million
- Total Deposits: $32.3 billion
- Total Loans: $31.8 billion
- Total Assets: $43.5 billion
How big will it be?
The combined bank will have $55 billion in loans, $57 billion in deposits, $75 billion in assets and a market capitalization of $9 billion.
It will be one of the South's largest banks, with a combined footprint that covers 11 states.
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