Louisiana-based IberiaBank has agreed to buy Georgia Commerce Bancshares for $195m, adding nine branches in the Atlanta area.
Georgia Commerce Bancshares, the parent of Georgia Commerce Bank, had $1bn in assets and $731m in gross loans as of 30 September 2014, according to a statement from the lenders.
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The proposed deal has been approved by the Board of Directors of each company and is expected to close in the first half of 2015.
IberiaBank expects the deal to increase its per-share earnings by 1.6% in 2016 and by around 5% in 2017.
Mark Tipton, chairman and CEO of Georgia Commerce, will be named executive vice president and Georgia regional president for IberiaBank’s Georgia franchise after the acquisition is consummated.
Also, Rodney Hall, president of Georgia Commerce, will be named executive vice president and Atlanta market president upon completion of the transaction.
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