IberiaBank Corp. to buy Gibraltar Private Bank & Trust

IberiaBank’s holding company announced Friday that it plans to acquire Coral Gables-based Gibraltar Private Bank & Trust Co.

The all-stock transaction is valued at $223 million. The deal still needs approval by Gibraltar shareholders and regulatory clearance, but it is expected to close early next year, IberiaBank Corp. said.

“We believe Gibraltar will complement our recent activities in Southeast Florida, enhancing our capabilities to serve clients in private banking, residential lending and wealth management,” said IberiaBank Corp. President and CEO Daryl G. Byrd.

If approved, it would be IberiaBank Corp.’s second acquisition of a South Florida bank this year. This summer, IberiaBank acquired Miami-based Sabadell United Bank for about $1 billion. IberiaBank announced earlier this week that it had completed the name changes. All Sabadel United branches are now called IberiaBank.

Under the terms of the new agreement with Gilbralter, shares of Gibraltar’s common stock will be exchanged for 1.98 shares of IberiaBank Corp.’s common stock. IberiaBank Corp. said the deal is projected to close in the first quarter of 2018.

As of June 30, Gibraltar Private had $1.6 billion in assets. The bank has eight offices, including five offices in the Miami area. In June, Gibraltar also announced that federal regulators had lifted its 2014 consent order against the bank.

Gibraltar is chaired by Miami civic leader Adolfo Henriques, who is also vice chairman of the Related Group. Gibraltar’s president is Angel Medina Jr.

The 130-year-old IberiaBank Corp., based in Louisiana, also has offices in 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.

IberiaBank now operates 32 branch locations in South Florida, the parent company said.

This story was originally published October 20, 2017 at 3:31 PM with the headline "IberiaBank Corp. to buy Gibraltar Private Bank & Trust."