With plans to sell its trust division, Bank of Florida Corp. is nearing dissolution.
The Naples company said Tuesday that it had agreed to sell certain assets of Florida Trust Co. to Iberiabank Corp. in Lafayette, La. Iberiabank is to pay an initial $700,000 at the planned May 1 closing, and another $700,000 may be paid a year later, depending on performance. Florida Trust has about $460 million of assets under management.
In May 2010, Bank of Florida's three banks, which had $1.4 billion of assets in all, failed. The Federal Deposit Insurance Corp. sold the assets and deposits to EverBank in Jacksonville, Fla.
Bank of Florida said in a regulatory filing that the sale is tied to a voluntary liquidation and termination of its corporate existence. The company said its corporate assets are insufficient to pay preferred shareholders, meaning common stock holders would get nothing.
Iberiabank said on Tuesday that it would buy Omni Bancshares in Metairie, La. for $40 million.