IberiaBank, in a deal announced Tuesday, is acquiring the Dallas-based First Private Bank of Texas.
Photo by Robin May
IberiaBank President and CEO Daryl Byrd announced in January plans to acquire Teche Federal. On Tuesday, IberiaBank announced it will be acquiring Dallas-based First Private Bank of Texas.
IberiaBank, in a deal announced Tuesday, is acquiring the Dallas-based First Private Bank of Texas.
According to a press release announcing the acquisition, the deal is valued at $64 million, and should be finalized sometime in the second quarter this year.
"We are excited to join with an organization that shares our philosophical approach of conservative underwriting and exceptional client service," says First Private President and CEO Daryl Kirkham in a prepared statement. "Our clients will continue to enjoy the benefits of local decision-making, while gaining access to an expanded product set that includes commercial banking, wealth management, and a wide variety of residential mortgage lending options. With this combination, our shareholders will also benefit from enhanced liquidity and dividend income."
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 operates two commercial bank branches - one in Dallas and one in Plano - and employs 34 full-time employees. The bank reported a net income of $1.4 million in 2013.
"Daryl Kirkham and the board of First Private have done a marvelous job successfully navigating the bank through a very challenging economic period," says IberiaBank President and CEO Daryl Byrd in a prepared statement. "The breadth and depth of their banking experience and skill is evident in the feat of First Private reporting no loans past due 90 days or more, net charge-offs, or nonperforming loans since the bank's inception in 2007. Those credit results are a testament to First Private's exceptional underwriting, portfolio management, and leadership. We are delighted to partner with a team that can help us expand in the Dallas-Fort Worth Metroplex, as we did over the last three years in Houston."
Tuesday's announcement marks IberiBank's second acquisition of the year, following January's announcement of a merger with Teche Holding Co. - a deal valued at $161 million. Read more on that here.