Join The Discussion

 

New arena at Will Rogers takes shape


The proposed Will Rogers Memorial Center arena continues to take shape as voters head for a Nov. 4 election to decide whether to approve new taxes to help pay for the $450 million facility.

read more >

Ex Rangers manager Washington apologizes for 'breaking wife's trust'

IRVING, Texas (AP) — Former Texas Rangers manager Ron Washington says he is embarrassed for 'breaking his wife's trust.'

read more >

Cooking Class: Fort Worth chef brings home the gold

Toques off to Timothy Prefontaine. The executive chef at the iconic Fort Worth Club is currently the best in the nation, according to the American Culinary Federation. Prefontaine earned the title of 2014 U.S.A.’s Chef of the

read more >

Fort Worth firm 'simplifies' advertising

Reaching customers requires more than price slashing and flashy ads. In today’s competitive marketplace, machines – not men and women – are essential to tapping new markets and

read more >

Trinity Valley School leader to leave in May 2015

Gary Krahn, head of school for the past eight years at Trinity Valley School in Fort Worth, will leave his position in May 2015 when he and his wife Paula will move

read more >

IberiaBank buys Dallas-based First Private Bank

 

IberiaBank Corp., a Louisiana holding company of the 126-year-old IberiaBank, and First Private Holdings Inc., holding company of Dallas-based First Private Bank of Texas, announced Feb. 11 the signing of a definitive agreement for IBKC to acquire First Private via merger for $64 million.
The proposed merger has been approved by the boards of each company and is expected to close in the second quarter of 2014. Completion of the transaction is subject to customary closing conditions, including required regulatory approvals and the approval of First Private's shareholders.
“We are delighted to partner with a team that can help us expand in the Dallas-Fort Worth Metroplex, as we did over the last three years in Houston," said Daryl G. Byrd, president and CEO of IberiaBank Corp.
IberiaBank Corp.’s common stock trades on the NASDAQ under the symbol "IBKC." IBKC's market capitalization was approximately $1.9 billion, based on the closing stock price on Feb. 10, 2014.


Under the terms of the agreement, shareholders of First Private will receive 0.27 shares of IBKC common stock for each share of First Private common stock outstanding. If the transaction closes at June 30, 2014, First Private would have an aggregate of approximately 3,747,000 shares. Any First Private stock options and warrants that remain outstanding immediately prior to closing, whether or not vested, will be cashed out at consummation of the merger.
First Private Bank has two commercial bank branch offices in Dallas and Plano and had 34 employees at the ned of 2013. At Dec. 31, 2013, the company had total assets of $357 million, total cash and investment securities of $98 million, total gross loans of $257 million (4.05 percent yield), and total deposits of $318 million.
For the year of 2013, the bank reported net income of $1.4 million. For the quarter ended Dec. 31, 2013, First Private reported net income of $446,000 million, a 2.57 percent net interest margin, 0.69 percent cost of interest bearing deposits, and 0.73 percent cost of interest bearing liabilities.


IberiaBank Corp. has 267 combined offices, including 172 bank branch offices and four loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas and Florida; 21 title insurance offices in Arkansas and Louisiana; and mortgage representatives in 61 locations in 12 states.
First Private received financial advice from Macquarie Capital and was advised by the law firm of Haynie Rake Repass & Lowry PC. IBKC was advised by the law firm of Jones Walker LLP.
 

< back

Email   email
hide
Arena
What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?