Louisiana-based IBERIABANK has closed the acquisition of Florida-based Sabadell United Bank from Banco de Sabadell.
Sabadell United comprises 25 offices across Dade, Broward, and Palm Beach Counties alongside three offices in Hillsborough, Sarasota, and Collier Counties. The bank reported total assets of $5.7bn, gross loans of $4.1bn, and total deposits of $4.4bn at the end of June 2017.
The takeover increases IBERIABANK’s total assets to nearly $28bn.
The deal consideration included $796m in cash, which was funded through two public common stock offerings, and around 2.61 million shares of IBERIABANK common stock.
The conversions of the branch and operating systems are slated to be completed in October 2017.
IBERIABANK president and CEO said: “We are excited that Sabadell United’s talented leadership team has joined our Company and will help drive our continued high-quality expansion in Southeast Florida and enhance our strategic progress.
“Effective immediately, Fernando Perez-Hickman, former Chairman of Sabadell United, has been named Vice Chairman and Director of Corporate Strategy and Mario Trueba, former Chief Executive Officer of Sabadell United, has been named Executive Vice President and Regional President for Southeast Florida.”