IberiaBank Corp. has received regulatory and shareholder approvals for its previously announced $223 million acquisition of Gibraltar Private Bank & Trust Co., a Coral Gables, Florida, financial institution with $1.6 billion in assets.
"We look forward to closing the merger transaction and consolidating branch and operating systems before the end of the first quarter,” said Daryl G. Byrd, president and chief executive officer of Lafayette-based IberiaBank Corp.
Gibraltar has eight offices: five in the Miami area, one in Ocean Reef and Naples, Florida, and one in New York City. As of June 30, Gibraltar had $1.4 billion in loans and $1.1 billion in deposits.
IberiaBank expects to complete the Gibraltar acquisition on March 23 and convert its branch and operating systems over the weekend of March 23-25.
IberiaBank signed a definitive agreement in October to acquire Gibraltar. The application for merger was approved by the Louisiana Office of Financial Institutions on Feb. 5; the Federal Reserve Board, Feb. 21; and Gibraltar shareholders, Feb. 22.
"The overwhelming support of this transaction by Gibraltar shareholders is a terrific expression of confidence in both organizations," Byrd said.
IberiaBank Corp. is a regional financial holding company with offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South Carolina, offering commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, mortgage, and title insurance services.