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Lafayette, La.-based IBERIABANK Corp. ($15.52 billion) agreed to acquire Orlando, Fla.-based Old Florida Bancshares Inc., the parent of Old Florida Bank and New Traditions Bank, in a deal valued at approximately $259 million.
At Sept. 30, total consolidated assets of Old Florida Bancshares were $1.4 billion, according to a news release.
SNL calculates that the deal value is 178.0% of book and 185.0% of tangible book. The price is 21.58% of deposits and 19.14% of assets. The deal carries a tangible book premium-to-core deposits ratio of 11.25%.
For comparison, offers for bank and thrift targets in the Southeast region between Oct. 27, 2013, and Oct. 27, 2014, averaged 122.90% of book, 127.71% of tangible book and had a median of 22.60x last-12-months earnings, on an aggregate basis, according to data compiled by SNL.
Under the terms of the merger agreement, shareholders of Old Florida will receive IBERIABANK common stock. Old Florida common shares are assumed to total approximately 10,894,845 shares at closing, assuming approximately 10,562,259 common shares outstanding and approximately 332,586 common shares associated with the...