Lafayette-based IberiaBank, in a deal announced today, is acquiring Miami-based Gibraltar Private Bank & Trust Co. in a stock deal valued at $230 million.
A merger agreement, with Gibraltar being absorbed by IberiaBank, has been signed and the boards of both banks have approved the acquisition, which is expected to close early next year, according to a news release.
The deal gives IberiaBank seven additional locations in southeast Florida and one in New York. Gibraltar Bank bank had 278 employees and net income of $1.7 million as of June 30.
“Strategically and financially attractive, this transaction provides another point of leverage in the Florida markets for Iberiabank,” says Daryl G. Byrd, IberiaBank president and CEO.
Under the terms of the deal, each share of Gibraltar stock will be exchanged for 1.9749 share of IberiaBank stock. The transaction is expected to have no material effect on IberiaBank’s capital ratios, which are anticipated to remain in excess of adequate regulatory levels and consistent with the bank’s past operating levels of the company.