IberiaBank needs a new campaign in Florida
Steve’s breakdown: They just bought Sabadell United Bank and now has to get the world out to their “new” customers.
Mr. Mario Trueba is the CEO and can be reached at firstname.lastname@example.org and (305) 808-6180.
Check into it.
LAFAYETTE, LA & MIAMI, FL: IberiaBank announced Tuesday it intends to buy a Miami bank for $1 billion in a cash and stock deal that will shift the largest base of deposits for the Lafayette-based company from Louisiana to Florida. IberiaBank also began a $500 million public stock offering to help finance the acquisition.
Sabadell United Bank has 26 branches in six Florida counties. IberiaBank is paying 195 percent of book value to parent company Banco Sabadell of Spain, which will hold almost 5 percent of IberiaBank stock when the deal is closes later this year.
“With a population of over six million people, the greater Miami area is a dynamic market with a strong concentration of commercial and industrial clients that are particularly attractive to us,” IberiaBank CEO Daryl Byrd said in a statement from the company. “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.”
The deal would add to IberiaBank’s growing presence in the southeast U.S., giving it 225 bank branches in seven states.
IberiaBank shares traded near $84 each on the Nasdaq exchange Wednesday.