LAFAYETTE, La., Feb. 22, 2018 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 130-year-old IBERIABANK (www.iberiabank.com), in connection with its previously announced pending acquisition with Gibraltar Private Bank & Trust Co. ("Gibraltar"), reported the receipt of all necessary regulatory and Gibraltar shareholder approvals. At December 31, 2017, Gibraltar had total assets equal to $1.6 billion, total loans of $1.5 billion, and total deposits of $1.1 billion.
Daryl G. Byrd, President and Chief Executive Officer, commented, "We are very pleased to have received all necessary approvals from our bank regulators for the pending Gibraltar transaction. The overwhelming support of this transaction by Gibraltar shareholders is a terrific expression of confidence in both organizations. We look forward to closing the merger transaction and consolidating branch and operating systems before the end of the first quarter."
On October 19, 2017, the Company announced the signing of a definitive agreement to acquire by merger Gibraltar, based in Coral Gables, Florida. The application for merger was approved by the Louisiana Office of Financial Institutions on February 5, 2018 and the Federal Reserve Board on February 21, 2018 and received the approval of Gibraltar shareholders on February 22, 2018. Upon expiration of the required waiting period, the Company anticipates closing the Gibraltar acquisition on March 23, 2018. The Company anticipates converting branch and operating systems associated with the acquisition over the weekend of March 23 – 25, 2018.
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 $4.5 billion, based on the NASDAQ Global Select Market closing stock price on February 22, 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
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, 2016, 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.
SOURCE IBERIABANK Corporation