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(IBKC) - Get IBERIABANK Corporation Report

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


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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.

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Philip van Doorn


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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.