First Horizon National Gets Fed Approval to Buy IberiaBank; Stock Rises

First Horizon National (NYSE: FHN), the holding company for First Horizon Bank, got approval from the Federal Reserve Board to acquire IberiaBank (NASDAQ: IBKC). When the deal officially closes on July 1, the combined bank will have about $75 billion in assets – including $43 billion from First Horizon Bank and $32 billion from IberiaBank. Memphis-based First Horizon has roughly 270 branches in Tennessee, Florida, Texas, South Carolina, and North Carolina, while IberiaBank, based in Lafayette, Louisiana, has 190 branches in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York.