IberiaBank is making good on its plans to continue expanding its financial footprint in Florida: The Lafayette-based bank has agreed to purchase Florida Gulf Bank in a deal worth $43.7 million.
According to a report published on CBS News’ website, IberiaBank executives say that pending shareholder approval, the acquisition could be finalized by the third quarter of this year. Florida Gulf Bank has eight offices in the Fort Meyers-Cape Coral market and boasts $350 million in assets, $262 million in loans and $279 million in deposits:
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.
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DEC 8 - Maybe that wasn't such a good idea, after all. This post on the Louisiana Oil & Gas Association's site says we're looking at oil prices that are tanking because there's so much oil coming out of the Gulf. Some are even predicting a glut. What's likely to be the result? Lower gas prices, higher refinery profits, and more pressure on the feds to loosen export restrictions.
DEC 8 Here's the latest from blogger Robert Mann, and it's on one of his favorite topics: Bobby Jindal. He's taking a look at Jindal's record and his current maneuvering, which of course is a ploy to position him for a run for the White House. "America Next," Jindal's current big idea, is just as vague about what it is proposing as Jindal usually is, Mann says. And it won't protect him from his "unimaginative record," as Mann describes it.
DEC 8 - Don't know what that is? Then run on over to LaPolitics and read this post by Jeremy Alford, which serves as a history lesson about the famed tonic and it's purveyor, Dudley LeBlanc. It's really a fascinating story and Alford's description of Dudley as an "icon of Louisiana politics and culture" is not an exaggeration.
DEC 8 In this editorial, the Picayune again urges Gov. Jindal to take the Medicaid money. But the piece's exhortation that Jindal "be sensible" is a little misplaced, isn't it? Because Jindal's not being stupid -- well, maybe he is -- but he's following orders from people he believes can get him into the White House. This editorial is engaging in the argument that Jindal is publicly making, without acknowledging what his true motivations are. Somebody send these guys a clue.
DEC 8 Columnist Mark Ballard is writing about the impact of Vance McAllister's defeat of Neil Riser in this post. He starts out talking about how McAllister's more reasonable approach was more attractive to voters than was Riser's hard-line (tea-party-ish) rants. Dan Claitor, a state lege from BR who is expected to run for Congress soon, expressed it best when he said voters aren't looking for candidates who are "throwing temper tantrums when they can't get their way."
DEC 8 It's always gratifying when a Louisiana son makes international headlines. And our son, David "former KKK grand poobah" Duke is back in the news, making us all proud. This (UK) Telegraph story, unearthed by the Dead Pelican, tells us that Duke has been expelled from Italy but is trying to return. The Italians say he is trying to "establish a pan-European, extremist neo-Nazi group in northern Italy." Huh. You don't say.
DEC 9 This is a kind of puzzling post from columnist Jim Beam, in which he discusses a recent appearance by former Gov. Edwin Edwards in Lake Charles. He said he's surprised by EWE's "grasp of current events." Did Jim never meet Slick Eddie? He's no dummy, and for Beam to assume he is -- well, given he covered the man for 50 years, that's the surprise.
DEC 9 A "suspicious package" shut down part of Zachary Sunday, WAFB tells us in this post. The package, which eventually was "rendered safe" (bomb squad lingo for blown up) was found in a storage unit that someone quit paying on. Other cop gear was found in the unit, so it is possible the thing was a training tool, police say. But they leave out the best part: who bought it? Barry, Jarrod or Darrell?
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