Iberiabank in Lafayette, La., has agreed to acquire Old Florida Bancshares in Orlando.
The $15.2 billion-asset Iberiabank is to pay $259 million in stock for the $1.4 billion-asset Old Florida, providing Iberiabank with its first branches in the Orlando area.
The deal furthers a push by Iberiabank to expand in central Florida. The company agreed earlier this month to buy the $524 million-asset Florida Bank Group in Tampa.
"The Orlando market is dynamic and possesses a deep commercial and industrial client base that is particularly attractive to us," Daryl Byrd, Iberiabank's president and chief executive, said in a press release Monday.
Iberiabank has operates 37 branches in southern Florida, according to the Federal Deposit Insurance Corp. Overall, Iberiabank has 187 branches and three loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas and Florida.
John Burden, Old Florida's president and chief executive, would join Iberiabank as an executive vice president and market president for central Florida.
Sandler O'Neill and Smith Mackinnon advised Old Florida; UBS and Jones Walker advised Iberiabank.