IBERIABANK (IBKC), holding company of IBERIABANK, and First Private Holdings, holding company of First Private Bank of Texas, have inked a definitive agreement for IBKC to acquire First Private via merger.
Under the terms of deal, First Private’s shareholders will receive 0.27 shares of IBKC common stock for each share of First Private common stock outstanding.
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If the transaction closes at 30 June 2014, First Private would have an aggregate of approximately 3,747,000 shares, assuming the full exercise of then vested options and warrants outstanding, IBKC said in a statement.
The Board of Directors of each company has approved the proposed merger of and is expected to close in the second quarter of 2014.
Daryl Kirkham, president, and CEO of First Private, said: "We are excited to join with an organization that shares our philosophical approach of conservative underwriting and exceptional client service. Our clients will continue to enjoy the benefits of local decision-making, while gaining access to an expanded product set that includes commercial banking, wealth management, and a wide variety of residential mortgage lending options.
"With this combination, our shareholders will also benefit from enhanced liquidity and dividend income."
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