July 1, 2014 04:14 PM

IberiaBank's buyout of First Private Bank of Texas is a done deal.

Photo by Robin May 
IberiaBank last week added its signage to the forner Teche Federal
branch at the corner of Johnston and Jefferson streets.

IberiaBank's buyout of First Private Bank of Texas is a done deal.

The buyout, which includes First Private Bank and its parent company First Private Holdings, is valued at $64 million and was announced in February. According to the terms of the merger, First Private shareholders will receive .27 shares of IberiaBank stock for each share of outstanding First Private stock.

First Private Bank reported $277 million in loans and $319 million in total deposits as of March 31, 2014. The bank has two branches in the Dallas area - one in Dallas and one in Plano - with 34 full-time employees. The bank reported a net income of $1.4 million in 2013.

The First Private deal follows IberiaBank's $161 million acquisition of New Iberia-based Teche Federal Holding Co. in January. In addition to announcing 97 layoffs at Teche Federal's corporate headquarters in New Iberia, IberiaBank recently began making cosmetic changes at several of the bank's Lafayette branches, notably by replacing the Teche Federal signs.

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