Florida Gulf has $350m in assets, $262m in total loans, and $279m in total deposits and eight commercial bank branch offices in the Fort Myers-Cape Coral market.
As per the terms of the deal, the shareholders of Florida Gulf Bancorp will receive a fixed equivalent of $23 worth of Iberiabank common stock for each share of Florida Gulf Bancorp they own.
Upon completion of the transaction, Florida Gulf president and CEO William Valenti will be named executive vice president and market president for Iberiabank’s Lee County franchise.
The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of 2012.
Iberiabank anticipates the transaction to be accretive to earnings per share 1%, assuming synergies are fully phased in and excluding estimated merger and conversion related costs of $5.8m on a pre-tax basis.
