Lafayette-based IberiaBank has announced the acquisition of two faltering Florida bank chains, enlarging its footprint in the Sunshine State to more than three dozen banking centers.
The company announced Friday it has entered into purchase and assumption agreements with loss share arrangements with the Federal Deposit Insurance Corporation to purchase certain assets and to assume certain deposits and liabilities of Naples-based Orion Bank and Century Bank, a full-service federal thrift based in Sarasota. The agreements bring 34 more financial outlets operated under the IberiaBank brand throughout south Florida with total assets of roughly $3.1 billion and total loans of approximately $2.5 billion. In August IberiaBank acquired the three Jacksonville branches of failing CapitalSouth Bank. With this latest acquisition, the Lafayette institution will surpass $10 billion in assets.
The deal helped boost IberiaBank’s stock price to $52.20 per share (as of noon central time Monday); that’s up $7.80 from Friday’s close and a 17.6 percent increase in share price. In an article today, The Wall Street Journal writes that the acquisition is being applauded by financial analysts: “B. Riley upgraded IberiaBank on an increased price target, while Raymond James said it views the deal positively, adding the bank remains well capitalized and the deals should add to earnings next year.”