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Business Buzz: IBERIABANK, First Horizon merger complete; Lafayette's Total Wine store

The Daily Advertiser (Lafayette) logo The Daily Advertiser (Lafayette) 7/3/2020 William Taylor Potter, Lafayette Daily Advertiser
a sign on the side of a building: IBERIABANK and Tennessee-based First Horizon have announced a merger. The deal is expected to close in 2020. © Advertiser file photo IBERIABANK and Tennessee-based First Horizon have announced a merger. The deal is expected to close in 2020.

Each week, we'll offer insights into new businesses, developments and closings in the area. And we'll answer your questions about what's happening in a vacant store or empty lot. Email us at wpotter@theadvertiser.com.

The merger between Lafayette-based IBERIABANK and First Horizon National Bank, a Tennessee company, is complete, First Horizon announced Thursday morning.

The combined company will operate under the First Horizon brand and will be headquartered in Nashville, Tennessee. The merger, which was announced in November 2019, establishes First Horizon as one of the largest 25 banks in the U.S. by deposits.

More: Lafayette-based IBERIABANK merger with First Horizon approved by federal government

“The completion of this merger marks a significant milestone for our clients, associates, shareholders and communities,” said Bryan Jordan, president and CEO of First Horizon. “The combined company’s enhanced scale, diversified business model and expertise in financial services uniquely position us to better serve our clients and communities, accelerate our growth and create long-term shareholder value.”

Under the combined company, five of the 11 members of the executive leadership team will be from IBERIABANK. Daryl Byrd, who was IBERIABANK’s president and CEO, will be First Horizon’s executive president of the board. Michael Brown, formerly IBERIABANK’s chief operating officer, will head regional banking for the combined company.

The company’s board will have 17 members with nine from First Horizon and eight from IBERIABANK.

As of March 31, the combined company had $79 billion in assets.

While the merger results in a much larger banking company, it could result in layoffs in Lafayette, where IBERIABANK had its headquarters. The regional headquarters for First Horizon will be in New Orleans.

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IBERIABANK has been around in some form for more than 130 years. IBERIABANK employs more than 3,300 workers, reported having 328 in Lafayette Parish in 2018, including employees at the headquarters, according to the most recent data available from the Lafayette Economic Development Authority. 

Progress being made on new Total Wine and Spirits store

Total Wine and Spirits, one of the nation’s largest independent wine retailers, is making progress on its new Lafayette location, which is one of two new stores planned for Louisiana.

A permit was issued Monday for the store to build a loading dock for about $229,000. The permit was approved in March, and the retailer has already added its brand onto the building.

The new store will be at 4407 Ambassador Caffery Parkway, in the same shopping center as Target.

Total Wine has not indicated when it would be opening the new location. A store was opened in Metairie earlier this year, with stores in Lafayette and Mandeville to follow. Total Wine has more than 200 stores across 25 states.

The company has also begun hiring for its Lafayette location, with openings for delivery drivers, cashiers and associates.

New office building on E. Broussard

A permit was approved for a $241,000 office building at 117 E. Broussard Road, across from the McDonalds.

The property was purchased by Asim Baloch in Jan. 2019 for about $101,000, according to the Lafayette Assessor’s website. Baloch is listed on the building permit along with Weiser Realty, which lists Baloch as an agent in the Louisiana Secretary of State’s database.

The new office building will be about 2,500 square feet. 

Expanding residential developments

Nearly two dozen permits for new residential construction were issued since June 24, with 14 in the new south Lafayette Woodlands Cove community being built by D.R. Horton.

The homes in the development, which is located near Youngsville, range from $202,000 to $342,000. According to D.R. Horton’s website, the company is currently pre-selling homes and a model home will be available to view soon.

a man riding on top of a wooden fence: Home construction in The Woodlands development on Verot School Road. © SCOTT CLAUSE/USA TODAY Network Home construction in The Woodlands development on Verot School Road.

More restaurants temporarily close due to COVID-19

Spoonbill Watering Hole and Restaurant in downtown announced Tuesday that it was closing for the week through Sunday after an employee tested positive for COVID-19. The restaurant said the employee had not worked since the weekend of June 21 and has been quarantined.

“Once we were informed of this news, we immediately notified our entire team and implemented our internal protocol established using the CDC’s recommendations,” the restaurant posted on Facebook.

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KOK Wings and Things announced Wednesday that it would be closed for cleaning until Friday for cleaning. The restaurant did not say any employees had tested positive for the coronavirus, but said it was cleaning “to keep our employees safe during this pandemic.”

Contact reporter William Taylor Potter with tips or questions at wpotter@theadvertiser.com or on Twitter at @wmtaylorpotter. 

This article originally appeared on Lafayette Daily Advertiser: Business Buzz: IBERIABANK, First Horizon merger complete; Lafayette's Total Wine store

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