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LAFAYETTE, La. (AP) — Tennessee-based First Horizon and the Louisiana-based IberiaBank are combining in a deal value $3.9 billion.

The regional banking firms introduced what they’re calling a “merger of equals” in a press release Monday. The mixed firm can have its headquarters in Memphis, Tennessee, and a regional banking middle in New Orleans.

The brand new firm can have $75 billion in belongings and market capitalization of $9 billion after the all-stock deal closes subsequent 12 months.

The announcement says IberiaBank shareholders will get 4.584 shares of First Horizon inventory for every share they personal.

First Horizon has greater than 5,500 staff and operates largely in Tennessee and the Carolinas. IberiaBank is predicated in Lafayette and has greater than 3,100 staff with operations largely in Gulf Coast states from Texas to south Florida.

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