Louisiana-based IBERIABANK Corporation (IBKC), holding company of IBERIABANK, has agreed to acquire Sabadell United Bank from Banco de Sabadell in a stock-cash deal worth $1.025bn.

Florida-based Sabadell United offers a range of banking and wealth management services to corporate and individual customers. The bank has 26 branches in Dade, Broward, Palm Beach, Hillsborough, Sarasota, and Collier counties in Florida, and managed $5.8bn in assets as at 31 December 2016.

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Upon closing of the deal, which is expected in the second half of 2017 subject to regulatory approvals, Sabadell United will be merged with and into IBERIABANK.

As per the terms of the transaction, IBKC will acquire Sabadell United for $803m in cash and about 2.61 million IBKC shares worth $222m.

IBKC intends to fund the deal’s cash portion, partly, through a public common stock offering of about $500m. Banco Sabadell will own about 4.9% of IBKC common stock post deal completion.

The deal has already secured the nod of the board of directors of both companies.

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IBKC president and CEO Daryl Byrd said: “Sabadell United's deep commercial and retail lending base, combined with strong core deposit funding and quality credit underwriting, provides an excellent fit with our unique culture and business model.

“Sabadell United delivers compelling long-term strategic value to IBERIABANK by complementing our existing Florida franchise.

“With this acquisition, our Company will have a meaningful presence in each of the five largest markets in the Southeast, further solidifying our status as a premier Southeastern banking franchise."