LAFAYETTE, La., Jan. 21, 2014 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC) ("IBERIABANK"), holding company of the 126-year-old IBERIABANK (www.iberiabank.com), announced today the completion of the acquisition of certain assets and assumption of certain liabilities associated with the Memphis, Tennessee, operations of Trust One Bank, a division of Synovus Bank. The transaction was first announced on September 6, 2013 and subsequently received regulatory approval from the Federal Reserve on October 22, 2013.
All aspects of the client and branch conversion process were successfully completed over the weekend of January 18-19, 2014, concurrent with the closing of the transaction. The bank branch offices that were acquired now carry the IBERIABANK brand name.
"We welcome our newest clients and associates to the IBERIABANK family," said Greg Smithers, IBERIABANK Memphis Market President. "We look forward to the opportunity to demonstrate our value-added approach to banking in the Memphis market and assist our newest clients in achieving their financial goals. We are very excited to have fully integrated this acquisition."
Smithers added, "With this acquisition, IBERIABANK has approximately $400 million in total deposits and approaching $500 million in loans outstanding to Memphis clients. These clients have greater convenience through our distribution system of six bank branch offices and four mortgage lending locations and 18 ATMs throughout the Greater Memphis area. We also anticipate opening a seventh bank branch office in 2014."
On December 6, 2013, the Memphis Business Journal reported IBERIABANK Mortgage Company as one of the leading residential mortgage loan originators in the Greater Memphis area. On January 2, 2014, IBERIABANK Mortgage Company expanded its residential mortgage lending team with the addition of a four-person group led by Jake Scott, a leading 28-year veteran in the Memphis mortgage lending market.
About IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with 268 combined offices, including 172 bank branch offices and four LPOs in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 21 title insurance offices in Arkansas and Louisiana, mortgage representatives in 62 locations in 12 states, eight locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners, L.L.C. office in New Orleans.
The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC." The Company's market capitalization was approximately $1.9 billion, based on the NASDAQ closing stock price on January 17, 2014.
The following 13 investment firms currently provide equity research coverage on IBERIABANK Corporation:
- Bank of America Merrill Lynch
- FIG Partners, LLC
- Jefferies & Co., Inc.
- Keefe, Bruyette & Woods, Inc.
- Merion Capital Group
- Oppenheimer & Co., Inc.
- Raymond James & Associates, Inc.
- Robert W. Baird & Company
- Sandler O'Neill + Partners, L.P.
- Stephens, Inc.
- Sterne, Agee & Leach
- SunTrust Robinson-Humphrey
- Wunderlich Securities
SOURCE IBERIABANK Corporation