With Monday´s announcement that it´s acquiring Georgia Commerce Bank, IberiaBank will soon have a presence in all five major metros of the southeastern U.S.
The merger, which is expected to close in the next six or seven months, will mark IberiaBank´s entrance into the Atlanta market. IberiaBank has 187 branches, and currently operates in Louisiana, Alabama, Arkansas, Florida, Tennessee and Texas.
According to Tuesday´s release, the merger includes a provision that will make Georgia Commerce CEO and Chairman Mark Tipton the new executive vice president and Georgia regional president for IberiaBank. The deal also makes Georgia Commerce President Rodney Hall the Atlanta market president for IberiaBank, as well as an executive vice president.
In a prepared statement, Tipton says:
This is a very exciting day for our organization and our shareholders. We are proud to partner with an organization that mirrors our client relationship-focused approach to business and values local decision-making and community involvement. With Iberia Bank´s history of strong financial performance, its size and scope, we will be in an exceptional position to take our clients, team and shareholders to the next level.
And according to IberiaBank President and CEO Daryl Byrd:
We are very excited to have the opportunity to enter the Atlanta market by joining forces with Georgia Commerce. Mark Tipton, Rodney Hall and their team have done a phenomenal job building a company that provides us a solid platform from which to grow our Georgia franchise. With a strong economic recovery in progress, Atlanta is one of the fastest growing regions contiguous to our current footprint. This is a market that our team knows very well and we believe we are entering this market at an opportune time.
This combination is financially attractive to both parties and a great strategic and cultural fit. Similar to our recent acquisition in Dallas and pending acquisitions in Tampa, Orlando and Jacksonville, we believe the Atlanta market provides exceptional near-term and long-term growth opportunities.
Georgia Commerce, as of Sept. 30, had about $1 billion in total assets, $227 million in total cash and investment securities and 142 employees. The deal, according to Byrd, will increase IberiaBank´s total assets to $18.4 billion.
For IberiaBank, this has been a busy year, with the Georgia Commerce deal marking its fifth buyout of the year, starting with the announcement in January that it would be acquiring Teche Federal Bank out of New Iberia in a deal valued at $64 million.
The estimated value of the Georgia Commerce deal has not yet been disclosed.