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
