IberiaBank Keeps Adding Acquisitions

by George Waldon  on Monday, Mar. 10, 2014 12:00 am  

IberiaBank Corp. has remained largely dormant on the acquisition trail in Arkansas since its 2007 buys of Pulaski Investment Corp. of Little Rock ($130 million) and Pocahontas Bancorp of Jonesboro ($30 million).

But IberiaBank of Lafayette, La., has been on the move elsewhere. That activity helped boost the company’s total assets from $5.4 billion in 2008 to $13.2 billion at year-end 2013.

The transactions completed by the company during the past five years are a mix of conventional buys and FDIC-assisted acquisitions.

IberiaBank recently struck a $64 million stock-swap deal for First Private Holdings Inc. of Dallas, with $357 million in total assets.

The pending purchase is one of two expected to close during the second quarter and marks the fifth bank acquisition by the company since 2011.

In January, IberiaBank announced a $161 million stock-swap deal for Teche Holding Co. Teche is the holding company for the $874 million-asset Teche Federal Bank of New Iberia, La.

Other IberiaBank stock-swap purchases include:

July 2012: Florida Gulf Bancorp Inc. and its $350 million-asset Florida Gulf Bank of Fort Meyers, $43.6 million.

May 2011: Cameron Bancshares Inc. and its $704.8 million-asset Cameron State Bank of Lake Charles, La., $132.6 million; and Omni Bancshares Inc. and its $746 million-asset Omni Bank of Metairie, La., $39.7 million.

Before the string of conventional bank buys, IberiaBank completed a series of FDIC-assisted transactions involving Sterling Bank of Lantana, Fla., in August 2010; Orion Bank, Naples, Fla. and Century Bank of Sarasota, Fla., in November 2009; and CapitalSouth Bank of Birmingham, Ala., in August 2009.

Last year, IberiaBank struck a deal to buy six Memphis-area Trust One Bank branches from Synovus Financial Corp. of Columbus, Ga.

 

 

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