This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

IBERIABANK Corporation To Acquire Additional Memphis Operations

LAFAYETTE, La., Sept. 6, 2013 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC) ("IBERIABANK"), holding company of the 126-year-old IBERIABANK (, announced today the signing of a definitive agreement in which IBERIABANK will acquire certain assets and assume certain liabilities associated with the Memphis, Tennessee, operations of Trust One Bank, a division of Synovus Bank.  The transaction is targeted to close by the end of 2013. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals.

"We are very excited about this opportunity to expand our Memphis franchise," said Greg Smithers, IBERIABANK Memphis Market President.  "We look forward to serving these clients in the same high-quality manner in which we have served our legacy clients for over 126 years.  The addition of these branches and this great team enhances our commitment to serve our clients by providing greater access to banking services in convenient locations." 

Smithers added, "In addition to this acquisition, in the very near future we will be launching 10 additional ATMs in select Rite Aid locations throughout the Greater Memphis area.  Look for more information coming soon regarding this great news."

Summary of Memphis Market Operations

At August 31, 2013, Synovus Bank had $131 million in loans and $205 million in deposits and 33 employees serving the Memphis market through six bank branch offices.

At August 31, 2013, IBERIABANK Corporation had approximately $376 million in loans and approximately $162 million in deposits and 49 full-time equivalent employees serving the Greater Memphis area through three bank branch offices and four mortgage loan origination locations.  On December 5, 2012, the Memphis Business Journal reported IBERIABANK Mortgage Company as one of the leading residential mortgage loan originators in the Greater Memphis area.

As part of the agreement, IBERIABANK Corporation will acquire selected loans and other assets and assume substantially all of the deposits associated with the Memphis operations of Synovus Bank.  IBERIABANK Corporation anticipates it will consolidate certain branch offices to gain efficiencies.  Financial terms of the agreement were not disclosed.

Additional Information

Synovus Bank was advised by the investment banking firm The Burke Group and the law firm of Alston & Bird LLP.  IBERIABANK Corporation was advised by the law firm of Jones Walker LLP.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs