Lafayette-based IberiaBank Corp. said Monday it will acquire Georgia Commerce Bancshares Inc., an entrée into the Atlanta market, in a stock deal valued at $195 million.
“With a strong economic recovery in progress, Atlanta is one of the fastest-growing regions contiguous to our current footprint. This is a market that our team knows very well, and we believe we are entering this market at an opportune time,” IberiaBank President and Chief Executive Officer Daryl G. Byrd said.
IberiaBank is a financial holding company with 280 combined offices, including 187 bank branch offices and three loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas and Florida; 22 title insurance offices in Arkansas and Louisiana; and mortgage representatives in 59 locations in 10 states.
Georgia Commerce will lift IberiaBank to $18.4 billion in total assets in five of the largest metro areas in the Southeast and a “meaningful presence” in 19 of the 20 largest metro areas in the region, Byrd said.
Georgia Commerce has nine offices in the Atlanta-Sandy-Roswell, Georgia, metro area.
As of Sept. 30, Georgia Commerce had total assets of $1 billion, total loans of $731 million and total deposits of $826 million.
The acquisition is similar to deals IberiaBank struck in Dallas and Tampa, Orlando and Jacksonville, Florida, Byrd said. Like them, the Atlanta market provides “exceptional near-term and long-term growth opportunities.”
IberiaBank expects to close the Georgia Commerce acquisition in the first half of 2015.
Georgia Commerce is the third IberiaBank acquisition announced in the past three months. On Oct. 3, IberiaBank announced a $90 million cash-and-stock deal for Florida Bank Group, a specialist in small-business lending. Florida Bank has eight offices in the Tampa area, three in Jacksonville, one in Tallahassee and one in Sarasota. The bank focuses on small-business lending.
On Oct. 27, IberiaBank agreed to acquire Old Florida National Bancorp and its 14 locations, 12 of them in the rapidly growing Orlando area, in a stock deal valued at $259 million. Old Florida had total assets of $1.4 billion and deposits of $1.2 billion as of Sept. 30.