LAFAYETTE, La. (TheStreet) - Iberiabank (IBKC) continued its expansion Tuesday, with the announcement of a deal to acquire closely-held Omni Bancshares of Metairie, La., in an exchange of shares valued at $40 million.
Iberiabank had $10 billion in total assets as of December 31, with over 200 branches in southern states.
The lender nearly doubled in size over the two-year period ended December 31, with five government-assisted purchases of failed banks from the Federal Deposit Insurance Corp., including Sterling Bank of Lantana, Fla. in July; Orion Bank of Naples, Fla. and Century Bank, FSB of Sarasota, Fla., both on November 13, 2009; CapitalSouth Bank of Birmingham, Ala. in August 2009; and ANB Financial, NA, in May, 2008.
Omni Bancshares had about $746 million in total assets as of December 31, operating 14 branches in the New Orleans and Baton Rouge markets. Iberiabank's CEO Daryl Byrd said the company's latest bank acquisition was important "to accelerate the growth of our Southeastern Louisiana franchise and, in particular, the New Orleans market," and that Omni had "very attractive distribution network, as well as outstanding associates and clients."In a separate deal announced Tuesday, Iberiabank agreed to purchase "certain assets" from Florida Trust Co., which is a subsidiary of Bank of Florida (BOFL). Under the agreement, Iberiabank will make an initial payment of $700 thousand to acquire the entire Florida Trust team and client base, with an additional payment of up to $700 thousand to be made one year after the deal closes, which "will be determined based on the amount of revenue realized by Iberiabank during that period from former Florida Trust Company clients." -- Written by Philip van Doorn in Jupiter, Fla. To contact the writer, click here: Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. To submit a news tip, send an email to: firstname.lastname@example.org.
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