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41-712: In November 2019, First Horizon Corporation and IberiaBank Corporation agreed to merge, closing in July 2020. The combined bank is based in Memphis, Tennessee, and uses the First Horizon name. The bank gained national attention during the 2023 banking crisis , in which multiple regional banks across the United States as well as the Swiss institution Credit Suisse all collapsed and were bought out. First Horizon's stock price began to plummet in

82-421: A loan-to-deposit ratio of 111%, meaning that it had lent out more money than it had in deposits from customers. To alleviate concerns of a possible bank run and support any withdrawals of deposits, on March 16, 2023, eleven American banks including JPMorgan Chase , Bank of America , Wells Fargo , Citigroup , and Truist Financial deposited $ 30 billion with First Republic. Despite the deposits, shares of

123-629: A savings and loan association in Nevada . In 1996, First Republic sought to shift to a banking charter to expand its offerings. It lobbied the Nevada Legislature to pass a law allowing conversion of a Nevada thrift into a Nevada state bank . The law passed in July 1997, shortly after First Republic completed a reverse merger of the larger California-chartered thrift into the Nevada-chartered Silver State Thrift subsidiary. After

164-589: A bank with $ 79 billion in assets and $ 58 billion in loans. Also in 2019, First Horizon announced it was going to rebrand all of its services under the same First Horizon name. The change encompassing First Tennessee Bank, Capital Bank, FTB Advisors and FTN Financial became effective at the close of business on October 25, 2019, with signage changes expected to be complete throughout those holdings by early 2020. On February 28, 2022, Toronto-based TD Bank Group announced that it would acquire First Horizon Corporation in an all-cash deal of $ 13.4 billion in what would have been

205-399: A merger. The combined bank will be based in Memphis, and use the First Horizon name. The merger closed July 2, 2020. The combined bank has $ 79 billion in assets and $ 58 billion in loans. 2022 - On February 28, Toronto-based TD Bank Group announced that it would acquire First Horizon Corporation in an all-cash deal of $ 13.4 billion. TD will pay $ 25 per First Horizon share. The transaction

246-497: A period of rapid growth for the bank. With its new name IBERIABANK Corporation, the company would grow to acquire 24 banks since 2001. When Hurricane Katrina hit the gulf coast in 2005, IberiaBank incurred hurricane-related expenses including loan losses associated with the storm, facility repairs and insurance deductible payments. Being a bank solely based in Louisiana, the organization decided to diversify its geographic footprint in

287-653: A subsidiary of IBERIABANK that performed equity research, institutional sales, trading, and investment banking . Its clients were institutional accounts, such as pension fund managers, mutual funds , hedge funds , and energy firms seeking financial advice. Iberia Financial Services (IFS) offered securities and other financial products through Essex National Securities, Inc. (ENSI), a registered broker/dealer and member FINRA and SIPC . Additionally, IFS provided investment products and services, such as mutual funds , 529 plans , annuities , stocks , insurance , bonds , and retirement plans . Iberia Wealth Advisors (IWA)

328-578: A wealth management firm with $ 5.5 billion in assets, for $ 125 million. The 2015 acquisition was followed by in 2015, First Republic acquired Constellation Wealth Partners for $ 115 million. In December 2016, led by then chief investment officer Hafize Gaye Erkan , the bank acquired Gradifi, a then 2-year-old startup that works with companies to help employees pay off student loan debt that counted PricewaterhouseCoopers , Natixis Global Asset Management, and Penguin Random House as customers. In March 2018,

369-463: Is based in Memphis and uses the First Horizon name. The merger closed July 2, 2020. The bank opened its doors on March 12, 1887, as a savings and loan association under the name Iberia Building Association. The name originates from New Iberia, Louisiana , which dates back to 1779 when Spanish colonists named their newly settled "Nueva Iberia" after the Iberian Peninsula . At the time the bank

410-602: The Federal Deposit Insurance Corporation (FDIC). First Republic noted it was "weighing strategic options" and aiming to reduce the size of its balance sheet. Since the majority of the bank's long term assets were in municipal bonds , First Republic was unable to make full use of the Bank Term Funding Program —an emergency lending program instated after the collapse of SVB—as those assets did not qualify as an eligible collateral. On April 28,

451-541: The Silicon Valley Bank (SVB) being a factor in its collapse. In its first quarterly earnings release since the crisis, the bank noted that its customers withdrew $ 104.5 billion in deposits during the turmoil, but noted that outflows had stabilized in April. The significance of those outflows was explained by the number of high-net-worth clients at the bank, whose assets exceeding $ 250,000 would not have been protected by

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492-658: The Private Client Asset Management division of Bay Isle Financial from Janus Capital Group . In 2006, the bank acquired Bank of Walnut Creek. In September 2007, First Republic was acquired by Merrill Lynch for $ 1.8 billion in cash and stock. In July 2010, Bank of America , which acquired Merrill Lynch and thereby acquired First Republic, sold First Republic Bank to a group of private investors including Colony Capital , General Atlantic , and chairman James Herbert and former COO Katherine August DeWilde, for approximately $ 1 billion. Thomas J. Barrack, Jr. ,

533-782: The United States Department of the Treasury invested $ 866 million in the company as part of the Troubled Asset Relief Program and in December 2010, the company repurchased the investment from the Treasury. Across the 2010s, First Horizon acquired three regional banks, starting in 2013, when it acquired the failing Mountain National Bank . In 2015, First Horizon acquired TrustAtlantic, and Capital Bank Financial in 2017. In 2019, First Horizon merged with IberiaBank to create

574-424: The bank acquired MNC Mortgage. In 1994, the bank acquired Peoples Commercial Services Corporation. In 1995, with the purchases of Maryland National Mortgage Corporation and SNMC Management Corporation, First Tennessee had $ 6 billion in mortgage origination and was one of the country's top 10 mortgage originators. In 1999, to reflect its diversification, the bank adopted the slogan, All Things Financial. In 2004,

615-468: The bank announced plans to begin selling its bonds and securities at a loss to raise equity and also begin laying off people. Multiple advisor teams began to leave the bank as well. On that day, it was announced that the FDIC was considering seizing the bank, causing its stock price to plunge another 43% to $ 3.50. After the price fell another 42% in after-hours trading, the FDIC confirmed its imminent takeover of

656-789: The bank invested in CommonBond, a student loan financier, and in May of the same years, the company leased more office space at Rockefeller Center in New York City. 50 client advisors, who were part of First Republic's Luminous acquisition, with $ 17 billion of assets under management , left the company in 2019. During the March 2023 United States bank failures, Fitch Ratings and S&P Global Ratings downgraded First Republic's credit rating, citing "a high proportion of uninsured deposits" from wealthy customers who are more likely to move their money elsewhere and

697-566: The bank's financial failures are seen as part of the 2023 banking crisis . Reports of First Horizon's call off were paired with the news of PacWest Bancorp itself heading on a lifeline. First Horizon banking services are available to individual consumers as well as businesses of all sizes. On October 11, 2016, First Tennessee announced the opening of its first Piedmont Triad retail branch in Winston-Salem . The bank had offered commercial banking and real estate and wealth-management services in

738-472: The bank. The next day, the FDIC approached various banks, including JPMorgan Chase , PNC and Bank of America , saying they had until April 30 to place bids for First Republic Bank. On May 1, the FDIC announced that First Republic had been closed by the California Department of Financial Protection and Innovation and its assets seized by the FDIC. JPMorgan Chase eventually won the auction, paying

779-845: The city since 2004. From 2003 to 2016, Winston-Salem was also the headquarters of the Mid-Atlantic Region, including the Triangle , Charlotte and Greenville in North Carolina; Richmond in Virginia; Charleston in South Carolina; and Jacksonville in Florida. The new regional headquarters was in Raleigh, where First Tennessee had four branches after buying TrustAtlantic Bank in 2015. IberiaBank IBERIABANK Corporation , stylized as IBERIABANK,

820-553: The company changed its name to First Horizon National Corporation to reflect its interstate growth. In May 2007, the company acquired Republic Mortgage, based in Las Vegas. In September 2007, the company sold 34 branches outside of Tennessee, including 13 branches to M&T Bank, 10 branches to Sterling Bank, 9 branches to Fifth Third, and 2 branches to FMCB Holdings. In June 2008, the company sold its residential-mortgage origination and servicing business to Metlife. In November 2008,

861-400: The company declined. On March 19, S&P downgraded the bank's credit rating further into junk by three grades saying that it "may not solve the substantial business, liquidity, funding, and profitability challenges that we believe the bank is now likely facing." On that day, the bank's capital shortfall was $ 13.5 billion, which The Wall Street Journal compared to the liquidity crisis of

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902-497: The following year into Lafayette, Louisiana with the acquisition of Acadia Savings & Loan. Additional regulatory changes in the early 1990s permitted Louisiana savings and loan associations to become state-chartered commercial banks . Bank President Larrey Mouton prepared the company for this transition by forming the holding company ISB Financial Corporation and releasing an IPO on April 13, 1995. In 1999, former Bank One executive Daryl Byrd took over as CEO, ushering in

943-549: The head of Colony, had been a board member prior to the Merrill Lynch deal and General Atlantic had been an early investor in the firm putting up about $ 5 million in 1987. An additional $ 800 million was provided by the investment consortium to meet new capital requirements established by U.S. regulators. In December 2010, the bank once again became a public company via an initial public offering , raising $ 280.5 million. In November 2012, First Republic acquired Luminous Capital,

984-450: The next year. In 1995, with the purchases of Maryland National Mortgage Corporation and SNMC Management Corporation, First Tennessee had $ 6 billion in mortgage origination and was one of the country's top 10 mortgage originators. Allen B. Morgan was named president in 1960, chief executive in 1967, and chairman in 1969. During the 1980s, the company also expanded into mortgage brokerage, mortgage loan origination, and insurance. In 1993,

1025-570: The passage of the law, the Nevada thrift became a state-chartered bank, First Republic Savings Bank. In 1998, First Republic acquired Trainer Worthman & Co., and in December 2001, it acquired Starbuck, Tisdale & Associates for $ 13 million in cash and stock. In January 2000, First Republic acquired an 18% interest in Froley, Revy Investment Company Inc., and in 2002, it purchased the investment firm for $ 17 million in cash and stock. In 2004, it acquired

1066-400: The second-largest bank deal in recent U.S. history. On May 4, 2023, the companies announced that the acquisition would not proceed citing regulatory uncertainties, with TD owing First Horizon a total of $ 225 million in break-up fees as part of the termination agreement. The merger's call off happened within the same week as the collapse and buyout of First Republic Bank by JPMorgan Chase , and

1107-1509: The third FDIC -insured bank to fail in 2008. The following year, IberiaBank assumed the assets and branches of Birmingham-based CapitalSouth, Orion Bank of Florida, and Century Bank of Florida. Its fifth and final FDIC-assisted transaction occurred late 2009 with the purchase of East Florida's Sterling Bank. The company had grown to acquire 24 other banks since 2001. 2003 - LBA Savings Bank (Lafayette, Louisiana) 2004 - Alliance Bank ( Baton Rouge, Louisiana ) 2005 - American Horizons Bank ( Monroe, Louisiana ) 2007 - Pulaski Bank and Trust Company ( Little Rock, Arkansas ); First Community Bank ( Jonesboro, Arkansas ) 2008 - ANB Financial ( Bentonville, Arkansas ) 2009 - CapitalSouth ( Birmingham, Alabama ); Orion Bank ( Naples, Florida ); Century Bank ( Sarasota, Florida ); Sterling Bank ( Lantana, Florida ) 2011 - Omni Bank ( Metairie, Louisiana ); Cameron State Bank ( Lake Charles, Louisiana ) 2012 - Florida Gulf Bank ( Ft. Myers, Florida ) 2014 - Trust One Bank ( Memphis, Tennessee ) from Synovus ; Teche Holding Company ( Lafayette, Louisiana ); First Private ( Dallas, Texas ) 2015 - Florida Bank Group Inc. ( Tampa, Florida ); Old Florida Bankshares Inc. ( Orlando, Florida ); and Georgia Commerce Bankshares Inc. ( Atlanta, Georgia ) 2017 - Sabadell United Bank. ( Miami, Florida ); 2018 - Gibraltar Private Bank. (Miami, Florida) In November 2019, IBERIABANK and Memphis, Tennessee-based First Horizon Corporation agreed to

1148-570: The wake of both a merger with Toronto-Dominion Bank being called off and the collapse of First Republic Bank in San Francisco. Frank S. Davis founded First National Bank, the first nationally chartered bank in Memphis after passage of the National Banking Act of 1863. Though the city was under martial law after being captured by Union forces in the Civil War, First National Bank of Memphis

1189-410: The years following the storm to minimize risk. The bank expanded beyond Louisiana for the first time in 2007 with the purchase of Arkansas –based Pulaski Bank and Trust. Spring of 2008 began a period of rapid growth fueled by accumulating the assets of failed banks in the aftermath of the 2007–2008 financial crisis . It began with the assumption of insured deposits from Arkansas-based ANB Financial,

1230-604: Was a commercial bank and provider of wealth management services headquartered in San Francisco , California , United States . It catered to high-net-worth individuals and operated 93 offices in 11 states, primarily in New York, California, Massachusetts, and Florida. On May 1, 2023, as part of the 2023 United States banking crisis , the FDIC announced that First Republic had been closed and sold to JPMorgan Chase . First Republic

1271-562: Was an FDIC -insured institution regulated by the Office of the Comptroller of the Currency . On March 31, 2009, as the 2007–2008 financial crisis came to an end, IberiaBank became the first financial institution in the country to repay its TARP funds to the Treasury. In November 2019, IBERIABANK Corporation and Memphis, Tennessee-based First Horizon Corporation agreed to merge. The combined bank

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1312-566: Was an American financial holding company headquartered in Lafayette, Louisiana , and the largest bank based in the state. Founded in 1887, it had 325 combined locations, including 190 bank branches and three loan production offices in 12 states primarily throughout the South . The company had 16 wealth management locations in five states, and one Iberia Capital Partners office in New Orleans . IBERIABANK

1353-452: Was created in 1969. Two years later, this became First Tennessee National Corporation, with the intention of acquiring other banks. The company acquired five banks in 1972, and as more banks became part of the company, their names changed to First Tennessee Bank. In 1977, First National also became First Tennessee Bank. In 1981 First Express became the first national check-clearing service, and First Tennessee offered brokerage services starting

1394-450: Was expected to be completed in February 2023 but was instead called off. IBERIABANK Corp. was the holding company for IBERIABANK, its division providing consumer and commercial banking services, as well as mortgage lending and online banking services through VirtualBank. IBERIABANK also has six active, wholly owned non-bank subsidiaries and divisions. Iberia Capital Partners (ICP) was

1435-513: Was founded in February 1985 by Jim Herbert, previously the founder and CEO of San Francisco Bancorp, which he sold to Atlantic Financial. First Republic began operations on July 1, 1985, as a California-chartered industrial loan company . It became a public company via an initial public offering on the Nasdaq in August 1986, selling stock at $ 10 a share. In 1993, First Republic acquired Silver State Thrift,

1476-597: Was founded, New Iberia was a farming community of about 3,000 people. Its principal industry was sugarcane farming, as the area's oil reserves, which would later spur population and economic growth, had yet to be discovered. For its first 100 years, the bank's main functions were taking deposits and making home mortgage loans in the New Iberia community. In 1956, Iberia Building Association changed its name to Iberia Savings & Loan (ISLA). Since savings and loan associations, or "thrifts," could not lend to businesses, ISLA

1517-470: Was led by Central-State's management team. In 1942, the bank opened its first suburban branch and by 1952 First National had seven offices. In 1961, a 25-story tower was announced. The 23-story headquarters was completed three years later, at which time First National also opened six branches. As of 1967, First National was the largest bank in the Mid-South. A holding company, First National Holding Corporation,

1558-622: Was made up of title agents, escrow officers, legal professionals and support staff. Lender's Title was the largest independent title insurance company in Arkansas . Mercantile Capital Corporation was a subsidiary of IBERIABANK which lent to small business seeking to acquire real estate and equipment using the SBA 504 Loan Program . Mercantile lent in all 50 states, Puerto Rico and the District of Columbia . First Republic Bank First Republic Bank

1599-485: Was not affected by the oil crisis in the early 1980s like many Louisiana commercial banks were. After regulations preventing thrifts from expanding eased in 1985, the bank absorbed several struggling thrifts during the 1980s oil glut . Branches opened in Morgan City and Franklin, Louisiana , moving the thrift beyond Iberia Parish for the first time. ISLA became Iberia Savings Bank (ISB) in 1988, and expansion continued

1640-647: Was officially chartered for business on March 25, 1864., during the American Civil War. The bank acquired German Bank in 1895. First National was one of five banks in the twelve districts to help implement the Federal Reserve Act of 1913. and in 1914, the bank participated in the organization of the Federal Reserve Bank of St. Louis. The bank merged with Central-State National Bank in 1926. The merged bank retained First National's name and charter, but

1681-843: Was the trust and asset management division of IBERIABANK. IWA provided wealth management and trust services for high net worth individuals, their families, corporations, pension funds, foundations, endowments, and public and private institutions. Lender's Title Group was a full-service title agency providing title insurance and closing services throughout Arkansas and Louisiana under the names Lenders title Company (Arkansas), United Title of Louisiana (Louisiana), American Abstract (Little Rock, Arkansas), and The Title Company (Baton Rouge, Louisiana). Lenders Title Company's title insurance products and closing services insured and facilitated residential home sales, home refinances, HELOCs , commercial property transactions, commercial financing, government land projects, and REO sales. The Lenders Title Company team

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