IberiaBank Corp. To Acquire More Florida Locations
LAFAYETTE, LA (AP) — IberiaBank Corp., a Lafayette, Louisiana-based company, will acquire Old Florida Bancshares and its 14 locations in a stock deal valued at $259 million.
Old Florida, based in Orlando, Florida, had total assets of $1.4 billion and deposits of $1.2 billion as of Sept. 30. The company had 229 employees and reported net income of $3.1 million for the quarter ending Sept. 30. Twelve of its locations are in the Orlando area and two are in Citrus County, about 70 miles north of Tampa.
IberiaBank expects an internal rate of return of more than 20 percent on the acquisition.
IberiaBank President and Chief Executive Officer Daryl G. Byrd tells The Advocate’s Ted Griggs the Orlando area's "deep commercial and industrial client base" are particularly attractive.