IberiaBank Corp. of Lafayette, Louisiana, said Friday that it has purchased Florida Bank Group Inc. of Tampa, Florida, in a cash and stock deal worth about $87 million.
IberiaBank said the boards of both firms have approved the deal, which is subject to regulatory approval and the approval of Florida Bank Group shareholders. The deal is expected to close in the first quarter.
“Our organization has undergone tremendous change and we are very proud of our people and the strong teamwork they exhibited over the last several years,” Susan Martinez, Florida Bank Group’s president and CEO, said in a news release. “We faced a very challenging operating environment and executed very well on our plan. I am particularly proud of our effective and efficient delivery of high- quality client service.
“We are very excited to be joining forces with IberiaBank and together grow to become the leading financial institution serving our clients and communities.”
IberiaBank has 280 offices, including 187 bank branch offices and three loan production offices in Arkansas, Louisiana, Tennessee, Alabama, Texas and Florida.
Friday’s deal puts IberiaBank in Tampa, Tallahassee and Jacksonville, Florida, for the first time. Most of Florida Bank Group’s offices are in Tampa. The company has $524 million in assets.
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