LAFAYETTE, La., June 14, 2011 /PRNewswire/ -- IBERIABANK
(www.iberiabank.com), the 124-year-old subsidiary of IBERIABANK
Corporation (NASDAQ: IBKC) announced today the completion of the
purchase of certain assets of Florida Trust Company, a wholly-owned
subsidiary of the Bank of Florida Corporation. The Florida
Trust Company clients and associates are now part of IBERIA Wealth
Advisors, the trust and asset management division of
IBERIABANK.
IBERIABANK paid the Bank of Florida Corporation an initial
payment of $0.7 million at closing. A
contingent payment will be paid in approximately one year.
The amount of the contingency payment will be determined
based on the amount of revenue realized by IBERIABANK during that
one-year period from former Florida Trust Company clients, up to a
maximum of $0.7 million.
Florida Trust Company was incorporated in 2000, and had
approximately $415.0 million in
assets under management at June 9,
2011. Florida Trust Company operates offices in
Naples and Ft. Lauderdale, Florida.
"We are excited to have the opportunity to serve the Florida
Trust Company clients. With our strong deposit market share
position in certain South Florida
markets and a seasoned team in place, we are well positioned to
accelerate our Trust and Wealth Management businesses in
Florida," said Jefferson G. Parker, Vice Chairman and Managing
Director of Trust, Brokerage and Wealth Management for IBERIABANK.
"We look forward to offering clients wealth management options
backed by an established 124-year-old company, with tremendous
growth prospects, and exceptional capital strength."
IBERIABANK has rapidly grown its South
Florida franchise with the acquisitions of Orion Bank, Century Bank, and Sterling Bank in the last 15 months, adding 42
branches and approximately $3.5
billion in assets in the Southeast and Southwest Florida markets.
With approximately $12.0 billion
in assets, IBERIABANK Corporation is a financial holding company
with 256 combined offices, including 177 bank branch offices in
Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 24 title insurance offices in
Arkansas and Louisiana, and mortgage representatives in 54
locations in 12 states, and one office of Iberia Capital Partners,
L.L.C.
IBERIABANK's common stock trades on the NASDAQ Global Select
Market under the symbol "IBKC." IBERIABANK's market
capitalization was approximately $1.5
billion, based on the Company's NASDAQ closing stock price
on June 14, 2011.
SOURCE IBERIABANK