IBERIABANK completed its acquisition of Gibraltar Private Bank & Trust on March 23, 2018. The branch and operating systems conversions associated with the acquisition were completed over the following weekend.
Under the terms of the merger, Gibraltar common shareholders received 1.9749 shares of IBERIABANK common stock for each outstanding share of Gibraltar common stock. The aggregate value of the acquisition consideration was approximately $220 million, or 1.50 times Gibraltar’s tangible book value and a 7.7% core deposit premium.
Gibralter President and CEO Angel Medina, Jr. will be staying with IBERIABANK as executive vice president and director of Private Client Services.
Daryl G. Byrd, president and CEO of IBERIABANK, commented, “We welcome the clients, associates and shareholders of Gibraltar Private Bank & Trust to the IBERIABANK family. The acquisition of Gibraltar is the culmination of a lot of hard work by both institutions and solidifies our presence in the strategically important South Florida market.”
Keefe, Bruyette & Woods served as financial advisors to IBERIABANK, with Simpson Thacher & Bartlett serving as its legal advisor. Sandler O’Neill & Partners served as financial advisor to Gibraltar, while Private Bank & Trust and Broad and Cassel acted as its legal advisor.
Gibraltar operated eight offices in total, with seven located in Miami, Key West and Naples in Florida and one in New York City. At December 31, 2017, Gibraltar had total assets of $1.6 billion.
IBERIABANK is a regional financial holding company with offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia and South Carolina, offering commercial and consumer banking, among other services.