IBERIABANK Corporation Completes Acquisition of Florida Bank Group, Inc.

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IBERIABANK Corporation
IBKC
, the holding company of the 127-year-old IBERIABANK (www.iberiabank.com), announced completion of the acquisition of Florida Bank Group, Inc. ("Florida Bank Group") and its subsidiary bank, Florida Bank, both of which were based in Tampa, Florida. The acquisitions, including the merger of Florida Bank with and into IBERIABANK, were completed effective on February 28, 2015. The branch and operating systems conversions are expected to be completed within the next 30 days. Daryl G. Byrd, President and Chief Executive Officer of IBERIABANK Corporation, commented, "We are excited to officially welcome the Florida Bank Group shareholders, associates, Board of Directors, and clients. The Tampa Bay market offers tremendous opportunities to expand our high-quality client base and branch footprint. With the legal closing of this transaction now completed, Susie Martinez serves as our Florida Regional President. The timing is ideal to add such an experienced leader to our team to leverage the investments we have made and are making in the State and expand our Florida client base. We are confident that under Susie's leadership, our Florida franchise will achieve continued success and experience favorable future growth." Susan Martinez, former President and Chief Executive Officer of Florida Bank Group, commented, "The completion of this merger transaction is a momentous event for our shareholders. In addition, our people, clients, and communities will benefit from IBERIABANK's financial strength and stability, competitive products and services, and unique strategic direction. We are excited to now be a part of the IBERIABANK family, and I look forward to serving in my expanded role." Under the terms of the Agreement and Plan of Merger, Florida Bank Group common stock shareholders shall receive $7.81 in cash plus 0.149 of a share of IBERIABANK Corporation common stock for each outstanding share of Florida Bank Group common stock. The number of IBERIABANK Corporation shares issued in the merger is based on the weighted average trading price of the Company's common stock during the 15-trading day period ended February 27, 2015, of $62.63. Based on the Company's closing common stock price of $63.12 per share on February 27, 2015, the aggregate value of the cash and common stock received at the time of closing was $17.21 per share of Florida Bank Group common stock. Instructions regarding the process to exchange shares will be sent to Florida Bank Group common shareholders within five business days from the effective date. Florida Bank Group had 13 offices (including eight offices in the Tampa Bay area four offices in Hillsborough County and four offices in Pinellas County), three offices in Jacksonville, one office in each Tallahassee and Sarasota. At December 31, 2014, Florida Bank Group had total assets of $571 million, gross loans of $319 million, and total deposits of $404 million.
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Posted In: EarningsNewsPress Releases
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