IberiaBank's application to purchase Florida Gulf Bank in a deal worth $43.7 million has been approved by both state and federal regulators, leaving only the approval of Florida Gulf shareholders for the acquisition to close. Lafayette-based IberiaBank is one step away from closing on its purchase of Florida Gulf Bank after receiving the necessary nod of approval from both state and federal regulators.
According to a release from IberiaBank, the Federal Reserve Bank of Atlanta and the Louisiana Office of Financial Institutions have approved the $43.7 million deal, leaving only the approval of Florida Gulf shareholders for the acquisition to close. Florida Gulf Bank has eight offices in the Fort Meyers-Cape Coral market and boasts $376 million in assets, $248 million in loans and $302 million in deposits, according to the release.
IberiaBank has been steadily growing its Florida footprint since 2009, when it purchased two failed banks, Orion Bank in Naples and Century Bank in Sarasota. In early 2011, the publicly traded bank, which has 173 banking offices in six states and mortgage reps in 12 states, purchased $700,000 in unspecified assets of Florida Trust Company.
When it announced the acquisition in March, IberiaBank said shareholders of Florida Gulf will receive a fixed equivalent of $23 worth of Iberiabank common stock for each share of Florida Gulf they own.
Read the full release from IberiaBank here.