Iberiabank Corp. of Lafayette, La., said Tuesday that it has agreed to buy Omni Bancshares in Metairie, La., for $40 million in stock.

The $10 billion-asset Iberiabank said it would gain more depth in New Orleans by acquiring the $735 million-asset Omni, whose shareholders would receive 0.3313 shares of Iberiabank stock for each Omni share. Iberiabank would also assume $24 million in trust-preferred securities and holding company debt in the transaction, which is expected to close in the second quarter.

At Dec. 31, Omni's bank unit was well capitalized, but 6.45% of its loans were noncurrent.

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