IBERIABANK continues its push into the Sunshine State, with the Lafayette-based bank announcing this morning its second acquisition deal for a Florida holding company this month. The bank’s planned acquisition of Old Florida Bancshares Inc. is to include 14 branch offices, consisting of 12 in the Orlando area and two in Citrus County, about 70 miles north of the Tampa area. The cash value of the stock deal is $259 million.
Old Florida is the holding company for both Old Florida Bank and New Traditions Bank. As of the end of September, the holding company had $1.4 billion in total assets, $276 million in cash and investments, $1.1 billion in total loans, and $1.2 billion in deposits. The deal, which has been approved by the boards of both companies, is expected to close in the first quarter of next year, subject to closing conditions, and regulatory and shareholder approvals.
Earlier this month, IBERIABANK announced an agreement to acquire Florida Bank Group in a cash and stock deal valued at roughly $90.5 million. Florida Bank Group has 13 branch locations in Tampa Bay, Jacksonville, Tallahassee and Sarasota. That acquisition is also expected to close in the first quarter of next year.
In July, the bank announced its entrance into the Dallas market with the acquisition of First Private Holdings Inc.
IBERIABANK has approximately 280 offices and 187 branch locations, as well as three loan production offices, across Louisiana, Alabama, Arkansas, Florida, Tennessee and Texas. The holding company also has 22 title insurance offices in Louisiana and Arkansas, and mortgage representatives in 59 locations across 10 states. The company has more details on this morning’s announcement.
