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IberiaBank to buy First Private of Dallas

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News,Business,Finance and Banking,Dallas

LAFAYETTE, La. (AP) — IberiaBank Corp., of Lafayette, says 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.

IberiaBank President and Chief Executive Officer Daryl G. Byrd tells The Advocate (http://bit.ly/1lBqLVi) 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.

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Information from: The Advocate, http://theadvocate.com

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