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IBERIABANK closes Gibraltar Private Bank & Trust acquisition


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IBERIABANK closes Gibraltar Private Bank & Trust acquisition

IBERIABANK Corp. of Lafayette, La., on March 23 closed its acquisition of Coral Gables, Fla.-based Gibraltar Private Bank & Trust Co.

IBERIABANK Corp. paid approximately $220 million in aggregate, based on its March 23 closing price of $77.00. The all-stock deal was valued at $223 million when it was announced in October 2017.

Gibraltar had $1.61 billion in assets at the end of 2017. IBERIABANK Corp. subsidiary IBERIABANK had $27.82 billion. Upon the deal's completion, IBERIABANK recorded approximately $29.5 billion in total assets.

Related branch and operating systems conversions are slated to finish over the weekend of March 23-25. Gibraltar President and CEO Angel Medina Jr. will remain with the acquirer as executive vice president and director of private client services.