VOL. 127 | NO. 57 | Thursday, March 22, 2012
Iberiabank Reaches Deal To Acquire Florida Bank
By Andy Meek
It has a pristine new local market headquarters building on Poplar Avenue near the Erin Way Shopping Center.
But there are plenty of other indications of the health of Louisiana-based Iberiabank, which turns 125 years old this year.
The company, which has $11.8 billion in assets, recently announced its fourth bank acquisition in the state of Florida – with Iberiabank buying Florida Gulf Bank – that was the company’s eighth bank deal since 2008. The company also is hosting a variety of events in response to its big anniversary milestone, including activities around Memphis.
Iberiabank’s acquisition of Florida Gulf Bank is expected to close in the third quarter. Completion of the deal is subject to usual closing conditions, including receiving necessary regulatory approvals and the approval of the Florida bank’s shareholders.
The equity research department of Morgan Keegan & Co. Inc. wrote in a recent analyst note that Iberiabank management likely will continue to find plenty of opportunities to consolidate market share within its footprint, “augmenting the above-average organic growth that the bank has achieved over the last few years.”
That footprint includes 263 combined offices, including 173 bank branch offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida.
Meanwhile, as part of the anniversary celebration, Iberiabank is giving away the new Apple iPad at every branch location. No purchase is necessary, and legal residents of the U.S. 18 years of age or older may enter by completing an entry form at any branch location.
The contest also can be entered by “liking” the company’s Facebook page and completing an online registration form.
Entry forms will be accepted through April 30.
Also, Iberiabank associates offered to pump and pay for up to $20 in gas at several gas stations around Memphis earlier this month. It was part of giving away more than $12,500 in gas companywide.