IBERIABANK has closed the acquisition of Florida-based Gibraltar Private Bank & Trust in an all-stock deal worth around $220m.

Gibraltar Private Bank & Trust has eight offices, of which seven are located in the Florida metropolitan statistical areas of Miami, Key West, and Naples. The Eighth branch is located in New York City. The firm managed $1.6bn in assets as at 31 December 2017.

As part of the deal, Gibraltar Private Bank & Trust president and CEO Angel Medina, Jr. will join IBERIABANK as executive vice president and director of private client services.

IBERIABANK president and CEO Daryl Byrd said: “We welcome the clients, associates, and shareholders of Gibraltar Private Bank & Trust to the IBERIABANK family. We have known Angel and the Gibraltar team for quite a while and are thrilled to join forces, providing a first class banking experience for all of our clients.”

The deal, first announced in October last year, takes IBERIABANK’s total assets to around $29.5bn.

IBERIABANK offers private banking, wealth and trust management, commercial, consumer, small business banking, retail brokerage, mortgage, and title insurance services through offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South Carolina.

“The acquisition of Gibraltar is the culmination of a lot of hard work by both institutions and solidifies our presence in the strategically important South Florida market,” Byrd said.