LAFAYETTE, La., March 23, 2018 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC) ("IBKC"), holding company of the
131-year-old IBERIABANK (www.iberiabank.com), announced the
completion of the acquisition of Gibraltar Private Bank & Trust
Co. ("Gibraltar"). The
acquisition was completed effective on March
23, 2018. The branch and operating systems conversions
associated with the acquisition are expected to be completed over
the weekend of March 23-25, 2018.
Daryl G. Byrd, President and
Chief Executive Officer of IBKC, commented, "We welcome the
clients, associates, and shareholders of Gibraltar Private Bank
& Trust to the IBERIABANK family. We have known Angel and the
Gibraltar team for quite a while
and are thrilled to join forces, providing a first class banking
experience for all of our clients. I am also very pleased to
announce that Angel Medina will be
staying with IBERIABANK as Executive Vice President and Director of
Private Client Services. The acquisition of Gibraltar is the culmination of a lot of hard
work by both institutions and solidifies our presence in the
strategically important South
Florida market."
Angel Medina, Jr., President and
Chief Executive Officer of Gibraltar, added, "We are pleased to join such
a high-quality institution as IBERIABANK. I am extremely
proud of the franchise we have built at Gibraltar Private and am
delighted to partner with an institution that shares our commitment
to excellence in client service, provides an expansive product set,
and has the financial strength necessary to execute its
strategy."
Gibraltar operated eight
offices in total, with seven located in the Florida metropolitan statistical areas of
Miami, Key West, and Naples and one in New York City. At
December 31, 2017, Gibraltar had total assets of $1.6 billion, gross loans of $1.5 billion, total deposits of $1.1 billion, and total assets under management
of $0.5 billion. On that date,
Gibraltar's shareholders' equity
and tangible book value were both $147
million. Upon completion of the acquisition,
IBERIABANK Corporation had approximately $29.5 billion in total assets.
Under the terms of the Agreement and Plan of Merger,
Gibraltar common shareholders
shall receive 1.9749 shares of IBERIABANK Corporation common stock
for each outstanding share of Gibraltar common stock. The number of
IBERIABANK Corporation shares issued in the merger was based on the
daily volume weighted average trading price of the Company's common
stock over the 10-trading day period ended March 22, 2018, or $82.92. Based on the company's closing
common stock price of $77.00 per share on March 23, 2018, the aggregate value of
the acquisition consideration received at the time of
closing was approximately $220
million, or 1.50 times
Gibraltar's tangible book value
and a 7.7% core deposit
premium.
IBERIABANK Corporation
IBERIABANK Corporation is a regional financial holding company
with offices in Louisiana,
Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South
Carolina, offering commercial, private banking, consumer,
small business, wealth and trust management, retail brokerage,
mortgage, and title insurance services.
The Company'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 also trade on the NASDAQ Global
Select Market under the symbols "IBKCP" and "IBKCO",
respectively. The Company's common stock market
capitalization was approximately $4.4 billion,
based on the NASDAQ Global Select Market closing stock price on
March 23, 2018.
The following 10 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- FIG Partners, LLC
- Hovde Group, LLC
- Jefferies & Co., Inc.
- Keefe, Bruyette & Woods, Inc.
- Piper Jaffray & Co.
- Raymond James & Associates,
Inc.
- Sandler O'Neill + Partners, L.P.
- Stephens, Inc.
- SunTrust Robinson-Humphrey
Additional Information
Keefe, Bruyette & Woods, A Stifel Company, served as
financial advisors to IBKC and Simpson Thacher & Bartlett LLP
served as legal advisor. Sandler O'Neill & Partners, L.P.
served as financial advisor to Gibraltar Private Bank & Trust
Co. and Broad and Cassel, LLP served as legal advisor.
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, 2017,
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.
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 Corporation