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Lafayette, La.-based IBERIABANK Corp. is acquiring Coral Gables, Fla.-based Gibraltar Private Bank & Trust Co.
Under the deal terms, Gibraltar will merge into IBERIABANK, which had $21.71 billion in assets at the end of the first half. Gibraltar had $1.58 billion in assets as of June 30 and had been under a 2014 consent order by the Office of the Comptroller of the Currency, which was lifted this year.
Each Gibraltar common share, including restricted stock awards, will be exchanged for 1.9749 IBERIABANK common shares, subject to certain adjustments. Options for Gibraltar common stock will be cashed out for about $5 million. The deal has an implied value of $158.29 per common share, or $223...