IberiaBank Corp. of Lafayette, Louisiana, said Wednesday that it has agreed to buy Sabadell United Bank N.A. from Banco de Sabadell S.A. of Barcelona in a stock and cash transaction valued at $1.025 billion.
The deal, already approved by the boards of both companies, is set to close in the second half of the year. It will make Florida IberiaBank's biggest state by deposits, and gives the company a presence in each of the five largest markets in the Southeast, according to its CEO.
"We are very pleased to have the opportunity to bolster our South Florida franchise by joining forces with the exceptional team at Sabadell United," Daryl G. Byrd, IberiaBank's president and CEO, said in a news release. "With a population of over six million people, the greater Miami area is a dynamic market with a strong concentration of commercial and industrial clients that are particularly attractive to us.
"Sabadell United's deep commercial and retail lending base, combined with strong core deposit funding and quality credit underwriting, provides an excellent fit with our unique culture and business model."
Sabadell United has $5.8 billion in assets. Headquartered in Miami, it has 26 branches in Dade, Broward, Palm Beach, Hillsborough, Sarasota, and Collier counties.
IberiaBank has 199 bank branch offices and three loan production offices in Louisiana, Arkansas, Alabama, Tennessee, Texas, Florida, and Georgia; 24 title insurance offices in Arkansas and Louisiana; and mortgage representatives in 69 locations in 10 states. It has $21.6 billion in assets.