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.
The state labor department figures released Friday show the initial claims decreased to 2,312 from the previous week's total of 2,543. For the comparable week a year earlier, there were 2,627.
The hip little River Ranch shop will open in the Acadiana Center for the Arts in time for the September ArtWalk.
Lafayette’s first-ever Whole Foods Market will open its doors in September.
"Although the administration is moving forward with climate change regulations at home, we don't consider how policy decisions in the United States impact greenhouse gas emissions in other parts of the world," says Roger Martella, the former general counsel at the Environmental Protection Agency under President George W. Bush.
Louisiana agriculture officials say prices for long-grain rice are projected to drop this year.
First-time claims for unemployment insurance in Louisiana for the week ending July 19 decreased from the previous week's total.
A judge is getting ready to set a new trial date for a former BP executive charged with obstructing a congressional investigation into the 2010 Gulf of Mexico oil spill.
Midsouth Bank has released its second quarter earnings report, showing a year-over-year increase for shareholders.
The parent of Investar Bank says its second-quarter earnings fell to $1.1 million or 26 cents a share from $1.7 million of 44 cents a share in the same period a year ago.
1,554 rigs were exploring for oil and 315 for gas. Two were listed as miscellaneous. A year ago there were 1,770 active rigs.
Most personal auto insurance policies exclude coverage when people charge money to drive others in their personal vehicles.
Louisiana's 21 casinos took in $203.5 million statewide in June, edging up one-half of a percentage point from a year earlier.
Business First Bank has announced plans for a Baton Rouge market expansion through a merger deal with American Gateway Financial Corp.
Mellow Mushroom Pizza Bakers opens on Johnston.
Acadiana's Top 50 Private Companies
It would be an understatement to say Schumacher Group had a challenging year in 2013.
Hampton Toyota has been serving Acadiana as the premier Toyota dealership for more than 10 years. And now, the glossy Johnston Street dealership is looking forward to a makeover.
Even when Floyd Degueyter is on “vacation” he’s hard at work.
As the second largest metal heat treating company in the country, Analytic Stress Relieving Inc. has grown by leaps and bounds since its inception in 1979.
When the Prohibition era came to an end in 1933, Joseph R. Streva saw an opportunity to make a little extra money to supplement his day job.
When a hurricane hits, Brent Mouton doesn’t run. The convenience store chain owner is proof that the challenges of mother nature can almost break a business, but Mouton learned to grow out of temporary closure from near devastation in 2002 and of lost potential revenue.
By launching a Super PAC to end all Super PACs, our Top 50 keynote speaker hopes to change the game in Washington.
Oil Center-based private facility extends its offerings with special events venue in failed women’s store.
One year later, is his expansion plan paying off?
Newspaper industry insiders question John Georges’ expansion plan.