IberiaBank Expands Footprint in Florida
November 24, 2009
IberiaBank, the 122-year old subsidiary of IberiaBank Corp., continues to grow its presence with the acquisition of Orion Bank, a full-service Florida-chartered commercial bank headquartered in Naples, and Century Bank, FSB, a full-service federal thrift headquartered in Sarasota.
The deal will give Iberia 34 full-service offices throughout south Florida and total assets of approximately $3.1 billion.
“These two companies possess very strong deposit market share positions in five very attractive Florida MSAs, with outstanding growth characteristics,” said Daryl Byrd, president and CEO of IberiaBank Corp. “While we historically stated caution with regard to expansion in these particular markets, the changing competitive dynamics, the stage of the local economic cycle, the protection provided under the FDIC loss share agreements, the favorable financial results of these transactions, and our expanded recruiting network, support our decision to pursue these opportunities."
Byrd said that gives IberiaBank a strong consumer loan capability but the institution plans to focus on urban and suburban markets and small businesses as it has in the past in the Florida market. Previously, IberiaBank's Florida presence was concentrated in Jacksonville.
With the acquisition of Orion and Century, IberiaBank will have nearly $3 billion in deposits in Florida, and rank as the 20th largest financial institution by deposits on a pro forma basis at June 30. On that basis, Florida will account for approximately 35 percent of the company's total deposits.
IberiaBank will have offices in Naples-Marco Island (7 offices, $1.3 billion); Bradenton-Sarasota (14 offices, $0.9 billion); Key West (5 offices, $0.2 billion); Cape Coral-Fort Myers (4 offices, $0.2 billion), Miami-Ft. Lauderdale (4 offices, $0.3 billion); and Jacksonville (3 offices, $0.1 billion).