Louisiana-based IBERIABANK has received regulatory approvals from the Board of Governors of the Federal Reserve System and the Louisiana Office of Financial Institutions for its proposed acquisition of Florida’s Sabadell United Bank, a subsidiary of Banco de Sabadell.
The deal, announced in February 2017, is valued at $1.025bn. The consideration includes $803m in cash and 2.61 million shares of IBERIABANK’s common stock.
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The deal is expected to be wrapped up by the third quarter of 2017, with branch and operating system conversions expected to be completed in the middle of October 2017.
IBERIABANK president and CEO Daryl Byrd said: “We are delighted to gain the approvals of our federal and state bank regulators and look forward to closing the acquisition early next quarter. Completion within that timeframe would be consistent with the timelines associated with many of our prior live bank acquisitions.”
Sabadell United managed total assets of $5.8bn, gross loans of $4.2bn, and total deposits of $4.4bn as at 31 March 2017.
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