Edition:
United Kingdom

Iberiabank Corp announces agreement to acquire Gibraltar Private Bank & Trust Co


Friday, 20 Oct 2017 

Oct 19 (Reuters) - Iberiabank Corp ::Iberiabank Corporation announces agreement to acquire Gibraltar Private Bank & Trust Co.Iberiabank Corp - ‍each share of Gibraltar common stock, including restricted stock awards will be exchanged for 1.9749 shares of IBKC common stock​.Iberiabank Corp - ‍gibraltar shareholders will receive IBKC shares valued at approximately $158.29 per Gibraltar common share​.Iberiabank Corp - ‍IBKC expects to issue approximately 2.79 million shares of IBKC common stock in transaction, valuing transaction at $223 million for equity​.Iberiabank Corp - ‍deal will be accretive to EPS in first full year​.Iberiabank Corp - ‍transaction is expected to be less than 1pct dilutive to tangible book value per share on a pro forma basis at deal closing​.Iberiabank Corp - ‍tangible book value dilution from deal is anticipated to be earned back in approximately two years after deal closing​.Iberiabank Corp - ‍currently estimates annual pre-tax expense reductions for deal will be in excess of 60pct of Gibraltar's run-rate expenses in 2017​.Iberiabank Corp - ‍transaction is expected to be 2pct-3pct accretive to IBKC's fully diluted earnings per share in 2019 and 2020​.