Federal and state regulators have granted permission to Lafayette-based Iberiabank Corp. to buy Florida Gulf Bancorp Inc. and Florida Gulf Bank.
Iberiabank announced the proposed $43.7 million cash-and-stock deal in March. Florida Gulf Bancorp is the holding company of Florida Gulf Bank. The Federal Reserve Bank of Atlanta and the Louisiana Office of Financial Institutions signed off on the acquisition. Florida Gulf Bancorp shareholders must still approve the deal.
As of March 31, Florida Gulf Bancorp had total assets of $376 million, $302 million in deposits and $248 million in net loans.
Iberiabank, the holding company of Iberiabank, had total assets of $11.8 billion. The company has 266 offices, including 175 branches in Louisiana, Arkansas, Tennessee, Alabama, Texas and Florida.