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RadioShack sees stock jump on investment report

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Texas Wesleyan acquires two strip shopping centers on East Rosedale

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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.
 

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