Iberiabank said that shareholders of Florida Gulf Bancorp will receive a fixed equivalent of $23 worth of Iberiabank common stock for each share of Florida Gulf Bancorp they own. In addition, Iberiabank will pay up to $4.4 million if certain Florida Gulf Bank loans are resolved within three years after the acquisition, Iberiabank said.
As of Dec. 31, Florida Gulf Bancorp listed $16.4 million in nonperforming assets, the product of bad loans. In 2011, the company said it earned $600,000 after taking a loan loss provision of $4 million for the year.
IberiaBank entered the Florida market in 2009 when it purchased two failed banks, Orion Bank in Naples and Century Bank in Sarasota. The publicly traded Lafayette-based bank, which has 173 banking offices in six states and mortgage reps in 12 statess, continued its Florida expansion in early 2011 when it purchased $700,000 in unspecified assets of Florida Trust Company.
The Florida Gulf Bank purchase comes a little more than a year after IberiaBank announced its acquistion of Metairie-based Omni Bank, a $40 million stock deal that carried IberiaBank into the top 5 ranking in the New Orleans area. The deal marked IberiaBank’s first Louisiana acquisition in seven years. Three weeks after revealing its plans to buy Omni Bank, IberiaBank announced its acquisition of Cameron State Bank of Lake Charles, which added 22 branches and $706 million in assets to IberiaBank’s portfolio.
The latest acquisition announcement also falls on the heels of IberiaBank's 125th birthday. The company celebrated last week with iPad giveaways, free gasoline and other events to commemorate the milestone.
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Newly established honor recognizes outstanding local attorneys; Neuner and McGoffin win President's Award; and Blanchard named Outstanding Young Lawyer.
Daily paper constructing new digs near production plant on Rieger Road at Siegen Lane, near I-10.
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Local 101 class Friday
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In the Pelican State, Benjamin Franklin buys you about $109 worth of stuff.
Brittan Bush joins Liskow & Lewis, Blake David installed as the Third District Member of the Louisiana State Bar Association’s board of governors, and Simien & Miniex announces 2014 scholarship winners.
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The old Daily Advertiser building on Jefferson Street is being rehabbed as the owner prepares to move it back into commerce.
Its fourth leader gone after two years on the job, the facility struggles to balance the tension between its two missions.
Hub City Cycles hits the ground running through small-business center opportunity.
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New Johnston Street eatery catapults to No. 1 spot in nearly 200-location chain.
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Gideon’s Promise lauds G. Paul Marx’s work to improve the quality of indigent defense and helps train five new public defenders.
What will INNOV8 4.0 look like?
Courtesy Ford is honored; EatLafayette fêtes itself