IBKC Closes Acquisition of Gulf Bancorp, Florida Gulf Bank

Another large acquisition in the Florida market has been completed, with the announcement that ""IberiaBank Corporation (IBKC)"":https://www.iberiabank.com/ has purchased ""Gulf Bancorp, Inc."":www.floridagulfbank.com/irelations.html, and its subsidiary, ""Florida Gulf Bank"":www.floridagulfbank.com/irelations.html.

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IBKC's deal closed following the end of business on July 31, the same day that ""BB&T Corporation"":www.bbt.com/ concluded its buy out of ""BankAtlantic"":www.bankatlantic.com/.

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Through the acquisition IBKC will merge its subsidiary, ""IberiaBank"":https://www.iberiabank.com/, with Florida Gulf Bank, and IBKC expects to have fully converted the bank and its operating systems by the end of August. According to a release from IBKC, Florida Gulf Bank possessed consolidated assets of $375 million, $240 million in net loans, and $287 million in total deposits as of June 30.

""We are delighted to welcome the shareholders, clients and associates of Florida Gulf to our company,"" said Daryl G. Byrd, president and CEO of IBKC and IberiaBank.

William P. Valenti, president and CEO of Florida Gulf Bank, was named market president for Lee County for IberiaBank. Valenti commented on the agreement between the two companies, stating, ""With this combination, we will continue to focus on delivering best-in-class banking products and the power of personal service to our local clients, with the support of a strong regional bank with superior capital strength.""

In conclusion, Byrd added, ""Bill and his executive team have built a solid, high-quality organization in Lee County. The combination of these two great franchises enhances our standing as one of the strongest banks in Southwest Florida.""