LAFAYETTE, La., June 5, 2017 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 130-year-old
IBERIABANK (www.iberiabank.com), reported the receipt of regulatory
approvals from the Board of Governors of the Federal Reserve System
(the "Federal Reserve Board") and the Louisiana Office of Financial
Institutions (the "Louisiana OFI") for its previously announced
pending acquisition of Sabadell United Bank, N.A. ("Sabadell
United"), a wholly-owned subsidiary of Banco de Sabadell, S.A.
("Banco Sabadell"). IBERIABANK Corporation (the "Company") also
provided an update regarding the expected timeframes to complete
the acquisition and the associated branch and operating system
conversions.
On February 28, 2017, the Company
announced the signing of a definitive agreement to acquire Sabadell
United, based in Miami, Florida.
At March 31, 2017, Sabadell United
had total assets of $5.8 billion,
gross loans of $4.2 billion, and
total deposits of $4.4 billion. On
that date, Sabadell United's book value was $628 million and tangible book value was
$539 million (which excludes goodwill
of $77 million and other intangible
assets of $12 million).
On May 31, 2017, the Company
received approvals from the Federal Reserve Board and the Louisiana
OFI to acquire Sabadell United. No vote of the shareholders of
either the Company or Banco Sabadell is required for completion of
the transaction. Completion of the acquisition remains subject to
the satisfaction of customary closing conditions under the terms of
the purchase agreement and the expiration of the 15-day waiting
period associated with the Federal Reserve Board's approval. Upon
expiration of the required waiting period and satisfaction of all
closing conditions, the Company anticipates it will close the
Sabadell United acquisition by the end of the third quarter of
2017.
Under terms of the purchase agreement, the Company will provide
to Banco Sabadell at closing $803
million in cash consideration plus 2.61 million shares of
the Company's common stock. To finance the cash consideration, the
Company will use $764 million in net
proceeds associated with the issuance and sale of the Company's
common stock in transactions that were completed on December 7, 2016 and March
7, 2017, with the remainder using cash on hand at the
Company. No additional financing will be required to complete the
transaction. Branch and operating system conversions are currently
scheduled to be completed in the middle of
October 2017.
Daryl G. Byrd, President and
Chief Executive Officer, commented, "We are delighted to gain the
approvals of our federal and state bank regulators and look forward
to closing the acquisition early next quarter. Completion within
that timeframe would be consistent with the timelines associated
with many of our prior live bank acquisitions. The conversion and
integration teams at our respective companies continue to work very
closely together to ensure a smooth and seamless transition and the
scheduled branch and operating system conversions remain on-track.
We are very impressed with the Sabadell United team and excited
about our growth prospects throughout our Florida markets."
IBERIABANK Corporation
The Company is a financial holding company with 300 combined
offices, including 202 bank branch offices and two loan production
offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South
Carolina, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 64
locations in 10 states. The Company has eight locations with
representatives of IBERIA Wealth
Advisors in four states, and one IBERIA Capital Partners, L.L.C. office in
New Orleans.
The Company's common stock trades on the NASDAQ Global Select
Market under the symbol "IBKC." The Company's market
capitalization was approximately $4.0
billion, based on the NASDAQ Global Select Market closing
stock price on June 2, 2017.
The following 13 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- FBR & Co.
- FIG Partners, LLC
- Hovde Group, LLC
- Jefferies & Co., Inc.
- JMP Securities LLC
- Keefe, Bruyette & Woods, Inc.
- Piper Jaffray & Co.
- Raymond James & Associates,
Inc.
- Robert W. Baird & Company
- Sandler O'Neill + Partners, L.P.
- Stephens, Inc.
- SunTrust Robinson-Humphrey
Non-GAAP Financial Measures
This press release contains financial information determined by
methods other than in accordance with GAAP. The Company's
management uses these non-GAAP financial measures in their analysis
of the Company's performance. Non-GAAP measures in this press
release include, but are not limited to, descriptions such as
tangible book value. Management believes presentations of these
non-GAAP financial measures provide useful supplemental information
that is essential to a proper understanding of the operating
results of the Company's core businesses. These non-GAAP
disclosures should not be viewed as a substitute for operating
results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies.
Caution About Forward-Looking Statements
This press release contains "forward-looking statements," which
may include forecasts of our financial results and condition,
expectations for our operations and businesses, and our assumptions
for those forecasts and expectations. Do not place undue reliance
on forward-looking statements. Due to various factors, actual
results may differ materially from our forward-looking statements.
Factors that could cause our actual results to differ materially
from our forward-looking statements are described under
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," "Risk Factors" and "Regulation and
Supervision" in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2016,
and in other documents subsequently filed by the Company with the
Securities and Exchange Commission, available at the SEC's website,
http://www.sec.gov, and the Company's website,
http://www.iberiabank.com. To the extent that statements in this
press release relate to future plans, objectives, financial results
or performance by the Company, these statements are deemed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are
generally identified by use of words such as "may," "believe,"
"expect," "anticipate," "intend," "will," "should," "plan,"
"estimate," "predict," "continue" and "potential" or the negative
of these terms or other comparable terminology.
Forward-looking statements represent management's beliefs, based
upon information available at the time the statements are made,
with regard to the matters addressed; they are not guarantees of
future performance. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties that change over time
and could cause actual results or financial condition to differ
materially from those expressed in or implied by such statements.
Factors that could cause or contribute to such differences include,
but are not limited to: the level of market volatility, our ability
to execute our growth strategy, including the availability of
future bank acquisition opportunities, our ability to execute on
our revenue and efficiency improvement initiatives, unanticipated
losses related to the completion and integration of mergers and
acquisitions, refinements to purchase accounting adjustments for
acquired businesses and assets and assumed liabilities in these
transactions, adjustments of fair values of acquired assets and
assumed liabilities and of deferred taxes in acquisitions, actual
results deviating from the Company's current estimates and
assumptions of timing and amounts of cash flows, utilization of
non-GAAP financial measures, credit risk of our customers,
resolution of assets formerly subject to loss share agreements with
the FDIC, effects of the on-going correction in residential real
estate prices and levels of home sales, our ability to satisfy
capital and liquidity standards such as those imposed by the
Dodd-Frank Wall Street Reform and Consumer Protection Act and those
adopted by the Basel Committee on Banking Supervision and federal
banking regulators, sufficiency of our allowance for loan losses,
changes in interest rates, access to funding sources, reliance on
the services of executive management, competition for loans,
deposits and investment dollars, competition from competitors with
greater financial resources than the Company, reputational risk and
social factors, compliance with laws and regulations, increases in
FDIC insurance assessments, geographic concentration of our
markets, economic and business conditions in our markets or
nationally, including the impact of volatility of oil and gas
prices, rapid changes in the financial services industry,
significant litigation, cyber-security risks including dependence
on our operational, technological, and organizational systems and
infrastructure and those of third party providers of those
services, hurricanes and other adverse weather events, and
valuation of intangible assets. All information is as of the date
of this press release. Except to the extent required by applicable
law or regulation, the Company undertakes no obligation to revise
or update publicly any forward-looking statement for any
reason.
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SOURCE IBERIABANK