LAFAYETTE, LA (AP) — Louisiana-based IberiaBank Corp. says it will acquire Georgia Commerce Bancshares Inc. in a stock deal valued at $195 million.
President and Chief Executive Officer Daryl G. Byrd tells The Advocate’s Ted Griggs the deal will give IberiaBank $18.4 billion in total assets in five of the largest metro areas in the Southeast and a "meaningful presence" in 19 or the 20 largest metro areas in the region.
Georgia Commerce has nine offices in the Atlanta-Sandy-Roswell, Georgia metro area.
As of Sept. 30, Georgia Commerce had total assets of $1 billion, total loans of $731 million, and total deposits of $826 million.
The acquisition is similar to deals IberiaBank struck in Dallas, Tampa, Orlando and Jacksonville, Florida.
IberiaBank expects to close the Georgia Commerce acquisition in the first half of 2015.
