LAFAYETTE, La. (AP) — Louisiana-based IberiaBank Corp. will enlarge its Florida footprint through the acquisition of Florida Bank Group Inc. and its 13 branches. The cash-and-stock deal, announced Friday, is valued at roughly $90.5 million.
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.
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The Advocate reports (http://bit.ly/1rIAWLp) IberiaBank expects an internal rate of return on the acquisition of more than 20 percent.
The deal will also increase IberiaBank’s presence in Florida to 50 branches and $2.9 billion in deposits.
Florida Bank has $524 million in assets and deposits of $400 million.
IberiaBank has 280 locations in Louisiana, Arkansas, Tennessee, Alabama, Texas and Florida.
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Information from: The Advocate, http://theadvocate.com
