IberiaBank Corp., of Lafayette, said Tuesday that it will acquire a Dallas bank in an estimated $64 million deal that provides a significant opportunity for growth in the Dallas-Fort Worth metro area.
First Private Bank has two branches in Dallas and Plano, Texas. As of Dec. 31, First Private had deposits of $318 million and $257 million in loans. The bank, formed in 2007, has not had a bad loan or a loan where payments were late by 90 days or longer.
IberiaBank President and Chief Executive Officer Daryl G. Byrd said the acquisition will help IberiaBank expand in the Dallas-Fort Worth Metroplex, much as the bank did over the past three years in Houston.
Under the agreement announced Tuesday, IberiaBank will exchange 0.27 shares of its stock for each share of First Private Holdings Inc., the holding company of first Private Bank.
IberiaBank has 264 locations, including 168 branches in Louisiana, Arkansas, Tennessee, Alabama, Texas and Florida; 21 title insurance offices, in Arkansas and Louisiana; and mortgage representatives at 62 locations in 12 states.
IberiaBank has $13.1 billion in assets. The company has more than 2,600 employees.
Last month, IberiaBank announced a $161 million stock deal to buy New Iberia competitor Teche Federal Bank.