IBERIABANK (IBKC) has agreed to acquire Miami-based Gibraltar Private Bank in an all stock transaction valued at $223m.

The acquired firm focuses on private banking, residential lending, and wealth management. It has eight offices across US, including five offices in Miami, one each in Ocean Reef and Naples, Florida and one office in New York City.

Gibraltar Private Bank, which employs 278 people, reported net income of $1.7m and a 3.18% net interest margin for the six-months ended 30 June 2017.

IBKC said it expects the deal to be 2%-3% accretive to its fully diluted earnings per share in 2019 and 2020.

The deal has been approved by the board of directors of both the companies and is expected to complete in the first quarter of 2018.

Gibraltar Private Bank president and CEO Angel Medina, Jr., said: “We are excited to be joining forces with IBERIABANK. Their proven track record of growth, both through acquisitions and organic measures, has put them in a unique position in our markets.”

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IBKC president and CEO Daryl Byrd said: “Strategically and financially attractive, this transaction provides another point of leverage in the Florida markets for IBERIABANK and is consistent with the acquisition discussion we had at the IBERIABANK Analyst Investor’s Day in September in New York.

“We believe Gibraltar will complement our recent activities in Southeast Florida, enhancing our capabilities to serve clients in private banking, residential lending and wealth management.”