LAFAYETTE, LA (AP) — Louisiana-based IberiaBank Corp. will enlarge its Florida footprint through the acquisition of Florida Bank Group, Inc. and its 13 branches. The cash-and-stock deal, announced Friday, is valued at roughly $90.5 million.
Florida Bank has eight offices in the Tampa area, three in Jacksonville, one in Tallahassee and one in Sarasota. The bank focuses on small business lending.
The Advocate reports IberiaBank expects an internal rate of return on the acquisition of more than 20 percent.
The deal will also increase IberiaBank's presence in Florida to 50 branches and $2.9 billion in deposits.
Florida Bank has $524 million in assets and deposits of $400 million.
IberiaBank has 280 locations in Louisiana, Arkansas, Tennessee, Alabama, Texas and Florida.
