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IBERIABANK Corporation Announces Receipt Of Federal Reserve Approval For Acquisition Of Additional Memphis Operations

Stock quotes in this article: IBKC

LAFAYETTE, La., Oct. 22, 2013 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), the holding company of IBERIABANK ( www.iberiabank.com), announced today the Board of Governors of the Federal Reserve System has approved the application of IBERIABANK to acquire certain assets and assume certain liabilities associated with the Memphis, Tennessee operations of Trust One Bank, a division of Synovus Bank.  Completion of the transaction remains subject to the satisfaction of customary closing conditions under the terms of the acquisition agreement, receipt of all other remaining regulatory approvals, and expiration of the 15-day waiting period associated with the Federal Reserve Board's approval.

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

At September 30, 2013, IBERIABANK Corporation (the "Company") had total assets of $13.1 billion, shareholders' equity of $1.5 billion, and a tangible common equity ratio of 8.64%. The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC."

The Company is a financial holding company with 267 combined offices, including 170 bank branch offices and four LPOs in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 21 title insurance offices in Arkansas and Louisiana, mortgage representatives in 63 locations in 12 states, eight locations of IBERIA Wealth Advisors in four states, and one office of IBERIA Capital Partners, L.L.C. in New Orleans.

SOURCE IBERIABANK Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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