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.
September's $509 million in sales pushed Lafayette Parish's nine-month total to $4.4 billion.
The Louisiana Supreme Court has punted on its first chance to decide whether a new state constitutional provision declaring gun possession a fundamental right could void a long list of criminal statutes that regulate firearms.
New Orleans' offense, which ranks sixth in the NFL, isn't helping many of its skill players pile up Pro Bowl-type stats. Rather, the approach of coach Sean Payton and quarterback Drew Brees has enabled a wide range of play-makers to emerge periodically with high-production outings.
An ordinance phasing out a rebate businesses receive for collecting and remitting sales taxes is tabled, but it doesn’t solve the vexing issue of government revenue.
From jewelry to home goods, deals abound
Forgiving shapes for NOLA Bowl
Here's your daily look at late-breaking national and international news, upcoming events and the stories that will be talked about Thursday, December 12, 2013:
As part of a national undertaking known by industry insiders as the “Butterfly Project,” a rebranded version of The Daily Advertiser is set to launch with Sunday’s edition of the Gannett-owned paper.
Louisiana moved up a slot to 48th in the ranking of healthy states — once again, thank God for Mississippi! — so all this frettin’ about Gov. Bobby Jindal’s refusal to expand Medicaid per Obamacare ... fuggidaboutit! We don’t need Medicaid no more!
The Denham Springs woman who placed Christmas lights in the shape of a butter finger on her roof in a display of anger directed at neighbors has doubled the trouble for the 2013 holiday season.
The New Orleans architect behind the 1984 World’s Fair also left his mark on Lafayette.
Laid back vibe just right for NOLA Bowl
The 30-second commercial, to run around the state, is the Democratic senator's first TV spot in her bid for re-election to a fourth term.
It's a number that has edged up but falls far short of the thousands who are eligible for subsidized coverage.
A group of mostly higher education leaders will make recommendations to state lawmakers about how to tweak the policies governing tuition rates charged at the state's public colleges.
Week long specials and a ribbon cutting celebration held in Parc Lafayette
Fort Worth company's new facility at Lafayette Regional Airport will build helicopters primarily for the export market.
Could River Ranch restaurant be the next star?
Move over Hooters — there’s a new breastaurant coming to town.
Hashtag, retweet, like, share and do whatever else it takes to get in good today with the jolly man in red.