Iberiabank Corp. is on track to buy two Louisiana banks, ending the Layfayette company's seven-year lull of deal making in the state.
The $10 billion-asset company said Friday it had agreed to buy Cameron Bancshares Inc. in Lake Charles. The stock deal is valued at $133 million.
The agreement calls for the shareholders of the $706 million-asset Cameron to receive 3.464 shares of Iberiabank stock for each share of Cameron stock. The deal is expected to close in the second quarter.
At Dec. 31, Cameron had nonperforming assets of $9.5 million, or 1.34% of its total assets. It also had a robust capital base, with a tangible common equity ratio of 10.96%. Bank analysts consider a ratio more than 6% to be healthy.
In late February, Iberiabank said it would buy the $735 milllion-asset Omni Bancshares in Metairie for $40 million in stock. That deal is also expected to close next quarter.