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Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

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Hulen Pointe Shopping Center sold

Hulen Pointe Shopping Center, located in southwest Fort Worth on South Hulen Street one mile south of Hulen Mall, has been purchased by Addison-based Bo Avery with TriMarsh Properties for an undisclosed price.

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Dallas-Fort Worth in top five commercial real estate markets in 2015

According to the Emerging Trends in Real Estate 2015 report, just co-published by PwC US and the Urban Land Institute (ULI), Dallas-Fort Worth ranks No. 5, with two other Texas cities, Houston and Austin ranking at No. 1 and 2 respectively. San Francisco ranks No. 3 and Denver No. 4.

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Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

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Fort Worth temporarily stops issuing new home permits in TCU area

The moratorium will give a committee and the City Council time to review a proposed overlay that will pare the number of permissible unrelated adults living in the same house.

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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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