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.
State Rep. Joel Robideaux, R-Lafayette, surprised few in the Hub City Wednesday afternoon when he made (semi) official what most of us have known for months: He is running to replace Joey Durel as city-parish president.
Two bedroom town home or three bedroom contemporary home
Let the party begin
Louisiana's first black Republican state senator since Reconstruction — who was a Republican before he was a Democrat before he was a Republican again — is accusing Democratic U.S. Sen. Mary Landrieu of using the black community for votes and providing nothing in return.
LSU's governing board has backed new hospital privatization contracts that give hospital managers greater ease to leave the deal and fewer restrictions about must-have services.
Rachel Hector returns home to cultivate a generation of yoga instructors.
Acadiana's nightlife guide.
U.S. Sen. Mary Landrieu is courting young voters in several appearances across Louisiana this week, talking about her support for legislation that could lower students' college costs.
It is distinctly possible control of the U.S. Senate will hinge on Louisiana, which is why, during the last several months, outside groups have made this the most expensive election in Louisiana history.
Coton de tulear joins Westminster; Paypal splitting from Ebay; first US Ebola diagnosis and more national and international news for Wednesday, October 1, 2014.
Wednesday's Blogs from the Bog!
A constellation of South Louisiana musical stars descends on Parc Sans Souci to honor an ailing David Egan.
INDStyle Awards 2014 was one for the books; the American Cancer Society took over The Victorian's big tent; and the battle of the sexes was alive and well for Walk a Runway's Christmas fundraiser.
The Acadiana Symphony Orchestra teams up with choreographer Clare Cook for a modern take on a Stravinsky classic.
Local food pantries begin seasonal drives
A girl's best fashion friend
Stage 4 vet takes on cancer and reminds us all what it really means to get involved.
Creative living flourishes at Downtown’s artist hub
Four bedroom cottage or four bedroom traditional
Bold looks for fall define INDStyle Awards 2014
Statement pieces for the season
The gents venture out
Project Front Yard has been launched to help us change our image and our habits.
Alleged victim is a Navy vet with brain trauma resulting from a car accident three decades ago.
Is Mary fading as Vitter solidifies his lock on the fourth floor?
Richard Buswell was sentenced Tuesday to more than 10 years in prison for his role in an investment scheme that defrauded his clients of more than $6 million.
The Latin Music Festival returns to Parc International this Saturday, Oct. 4, from noon to 10 p.m.
Gov. Bobby Jindal's administration has renegotiated contracts for six LSU hospital privatization deals, hoping to reach a compromise with federal health officials that will keep Medicaid dollars flowing to the privatized patient services.
Democratic Sen. Mary Landrieu is defending her record on gun rights, seeking to rebut sharp criticism from the NRA in a state where the right to bear arms is given special constitutional protection.