LAFAYETTE, La., July 31, 2017 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), the holding company of the 130-year-old
IBERIABANK (www.iberiabank.com), announced the completion of the
acquisition of Sabadell United Bank, N.A. ("Sabadell United") from
Banco de Sabadell, S.A. The acquisition was completed effective on
July 31, 2017. The branch and
operating systems conversions associated with the acquisition are
expected to be completed in October
2017.
Daryl G. Byrd, President and
Chief Executive Officer of IBERIABANK Corporation, commented, "We
welcome the clients and associates of Sabadell United to our
organization. We are excited that Sabadell United's talented
leadership team has joined our Company and will help drive our
continued high-quality expansion in Southeast Florida and enhance our strategic
progress. Effective immediately, Fernando
Perez-Hickman, former Chairman of Sabadell United, has been
named Vice Chairman and Director of Corporate Strategy and
Mario Trueba, former Chief Executive
Officer of Sabadell United, has been named Executive Vice President
and Regional President for Southeast Florida. The vibrant
Miami market is the third largest
market in the Southeast and the seventh largest in the country. We
are pleased to partner with exceptional local talent with similar
cultural values, and expand into a market that has significant
long-term growth potential."
Fernando Perez-Hickman commented,
"We are proud of our many past accomplishments at Sabadell United
and very excited to be an important part of IBERIABANK's future. I
am also very excited about my role at IBERIABANK, and the roles
that my team at Sabadell United will have in shaping the strategic
direction of our combined company. Importantly, our clients
and communities will continue to experience the same high quality
service, local decision-making, and thoughtful community
involvement that they have grown to expect from us."
Sabadell United had 25 offices serving the Miami metropolitan statistical area of Dade,
Broward, and Palm Beach Counties and three offices in
Hillsborough, Sarasota, and Collier Counties. At June 30, 2017, Sabadell United had total assets
of $5.7 billion, gross loans of
$4.1 billion, and total deposits of
$4.4 billion. On that date, Sabadell
United's shareholders' equity was $646
million and tangible book value was $558 million (which excluded goodwill of
$77 million and other intangible
assets of $11 million). Upon
completion of the acquisition, IBERIABANK Corporation had
approximately $28 billion in total
assets.
Under the terms of the Stock Purchase Agreement, Banco de
Sabadell, S.A. received $796 million
in cash and approximately 2.61 million shares of IBERIABANK
Corporation common stock. The cash consideration was financed
through two public common stock offerings completed on December 7, 2016, and March 7, 2017. Based on the Company's closing
stock price on July 31, 2017, the
value of aggregate consideration was approximately $1.0 billion, or 1.80 times Sabadell United's
tangible book value and an 11% core deposit premium.
IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with 335
combined offices, including 228 bank branch offices and one loan
production office in Louisiana,
Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South
Carolina, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 68
locations in 10 states. The Company has 13 locations with
representatives of IBERIA Wealth
Advisors in four states, and one IBERIA Capital Partners, L.L.C. office in
New Orleans.
IBERIABANK Corporation's common stock trades on the NASDAQ
Global Select Market under the symbol "IBKC." The Company's
Series B Preferred Stock and Series C Preferred Stock trade on the
NASDAQ Global Select Market under the symbols "IBKCP" and "IBKCO",
respectively. The Company's common stock market capitalization was
approximately $4.3 billion, based on
the NASDAQ Global Select Market closing stock price on July 31, 2017.
The following 12 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- 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
Additional Information
Goldman, Sachs & Co. and UBS Investment Bank served as
financial advisors to IBERIABANK Corporation, and Simpson Thacher
& Bartlett LLP served as legal advisor. Keefe, Bruyette &
Woods, Inc., a Stifel Company, served as financial advisor to Banco
de Sabadell, S.A. and Sabadell United, and Hunton & Williams
LLP served as legal advisor.
Caution About Forward-Looking Statements
This release contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995 relating to
the acquisition of Sabadell United, including Sabadell United's
integration with IBERIABANK and the combination of their
businesses. In general, forward-looking statements usually
use 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, including statements related to the
expected benefits of the acquisition of Sabadell United.
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, and there can be no assurance that the expected
returns and other benefits of the merger to shareholders will be
achieved. Factors that could cause or contribute to such
differences include, but are not limited to: the possibility that
expected benefits may not materialize in the time frames expected
or at all, or may be more costly to achieve; that the
parties' respective businesses may not perform as expected due to
transaction-related uncertainties or other factors that the parties
are unable to implement; reputational risks and the reaction of the
parties' customers to the merger; diversion of management time to
merger-related issues; and other factors and risk influences
contained in the cautionary language included under the headings
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Risk Factors" in the Company's Form
10-K for the fiscal year ended December
31, 2016, and other documents filed by the Company
with the SEC. Consequently, no forward-looking statement can
be guaranteed. The Company does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. For any
forward-looking statements made in this press release or any
related documents, the Company claims protection of the safe harbor
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
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SOURCE IBERIABANK Corporation