Louisiana bank to buy Florida Bank Group
Louisiana-based IberiaBank Corp. announced Friday that it is expanding its Florida footprint through buying Florida Bank Group, one of the largest community banks with headquarters in the Tampa Bay area, with $524 million in assets.
The cash-and-stock deal is valued at about $90 million.
Florida Bank, based in Tampa and led by veteran banker Susie Martinez, has 13 branches, including eight in the bay area, three in Jacksonville, one in Tallahassee and one in Sarasota.
Martinez said she is staying with the merged bank to run its Florida operation.
IberiaBank, which goes by the acronym IBKC, was drawn to the bay area because of its high concentration of commercial and industrial companies, IBKC president and chief executive officer Daryl G. Byrd said. The deal is expected to close in the first quarter of 2015.