First Horizon National and IberiaBank today announced an all-stock merger of the two southern banks.

Under the terms of the agreement, which was unanimously approved by the Boards of Directors of both
companies, the combined holding company and bank will operate under the First Horizon name and will
be headquartered in Memphis. Once the transaction is completed, the combined company will be
one of the largest financial services companies headquartered in the South and one of the top 25 banks
in the U.S. in deposits.

The combined organization will have $75 billion in assets, $57 billion in deposits and $55 billion in loans.

Under the terms of the merger agreement, IberiaBank shareholders will receive 4.584 shares of First
Horizon for each IberiaBank share they own. First Horizon shareholders will own 56 percent and
IberiaBank shareholders will own 44 percent of the combined company. Additionally, IberiaBank
shareholders will receive a 43 percent increase in their dividend after consummation of the transaction, based
upon each company’s current dividend per share.

The merger is expected to close in the second quarter of 2020.