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.
Casual cool for Thanksgiving
Shop Lafayette goes strong
The fight to clean up Lafayette Parish could get some added ammunition with two ordinances up for votes Tuesday by the City-Parish Council targeting litter-bugs.
A divided 3rd Circuit Court of Appeal reversed a Lafayette district judge’s ruling absolving the co-owner of a New Iberia accounting firm of liability in an embezzlement case.
Our View: It’s reasonable, temporary and invests in Lafayette’s future.
Acadiana's nightlife guide.
By striking a deal to lessen the blow of health insurance changes on state workers, school employees and retirees, Gov. Bobby Jindal's administration lowered the volume of criticism but gave itself and local school boards a new budget headache.
With the airport tax coming up for a parishwide vote in about a week, the Broussard City Council and its mayor have come out in support of the proposal.
Protesters rallied peacefully in several Louisiana cities in the wake of the Missouri grand jury decision not to indict a police officer in the fatal shooting of Michal Brown.
Three bedroom in Port Barre or two bedroom in Opelousas
US cities bidding on Olympics; Guard prevents more Ferguson riots; storm threatens travel and more national and international news for Wednesday, November 26, 2014.
Wednesday's Blogs from the Bog!
The U.S. rep billed LSU for work allegedly performed on the same days Congress voted on major legislation and held important committee hearings on energy and the ACA.
“I am only getting a little nervous about two projects — the proposed Sasol GTL facility [not the new ethylene plant] and the proposed G2X facility — both in Lake Charles. They need a hefty difference between oil and natural gas prices to make sense.”
Abysmally low participation by the public has prompted the council to scuttle the 2014 survey with plans to simplify it and try again next year.
The village now says the ordinance will likely be overturned and authorities will more vigorously enforce existing leash laws.
Lower oil prices also might slow the growth of oil production in parts of the U.S., Canada and elsewhere because it will no longer be so profitable.
Bill Cassidy cast an early ballot Tuesday, seeking to draw renewed attention to a race that has fallen off newspaper front pages and away from people's minds as they plan holiday meals and shopping schedules.
A Lafayette woman faces up to 20 years in prison for running up more than $1 million in unauthorized charges to her company credit card.
Signs that our state’s banking industry is undergoing a downsizing in 2014 were further confirmed today with the FDIC’s latest figures showing a third straight quarter in which Louisiana lost more banks and earned less money.
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State police say a 47-year-old Lafayette man, who collected more than $83,000 in disability benefits, is accused of operating two businesses out of his home at a time when he claimed he had no income.
Battered all night by Baltimore's relentless pass rush, Drew Brees could feel his protection collapsing and Terrell Suggs getting ahold of him as he urgently unloaded a pass to the right flat toward tight end Jimmy Graham.
After a convincing defeat at the polls on Nov. 4, Earl “Nickey” Picard has decided to let bygones be bygones with his former right-hand man Brian Pope, announcing his support for his former employee’s runoff bid to become Lafayette’s next city marshal.
Saturday the athletic department did everything possible to ensure the 2014 Ragin’ Cajun seniors remembered fondly their last home game. Rain and lightning never arrived but turbulence did in the form of the Appalachian State Mountaineers.
Even stranger than the Republican Party’s decision to hold a “unity rally” earlier this month for Congressman Bill Cassidy in a Baton Rouge bar, Huey’s Bar, was the fact that the establishment was named after Louisiana’s most famous Democrat.
Bar Code is not a gay bar.
After failing to pass a medical marijuana bill last year, state Sen. Fred Mills, R-Parks, is telling supporters he will return in 2015 with legislation that focuses on different applications like oils and pills.
Voters, obviously, are not yet tuned into the 2015 ballot, despite the intriguing races it will host.
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