IBERIABANK, an American financial holding company, has completed the acquisition of Sabadell United Bank from Banco de Sabadell on 31st July, 2017.
The conversions of operating systems and branch which are in line with the acquisition will be completed in October 2017.
IBERIABANK president and CEO Daryl Byrd said: "We welcome the clients and associates of Sabadell United to our organization. We are excited that Sabadell United's talented leadership team has joined our Company and will help drive our continued high-quality expansion in Southeast Florida and enhance our strategic progress.
"Effective immediately, Fernando Perez-Hickman, former Chairman of Sabadell United, has been named Vice Chairman and Director of Corporate Strategy and Mario Trueba, former Chief Executive Officer of Sabadell United, has been named Executive Vice President and Regional President for Southeast Florida.
"The vibrant Miamimarket is the third largest market in the Southeast and the seventh largest in the country. We are pleased to partner with exceptional local talent with similar cultural values, and expand into a market that has significant long-term growth potential."
Fernando Perez-Hickman said: "We are proud of our many past accomplishments at Sabadell United and very excited to be an important part of IBERIABANK's future. I am also very excited about my role at IBERIABANK, and the roles that my team at Sabadell United will have in shaping the strategic direction of our combined company.
"Importantly, our clients and communities will continue to experience the same high quality service, local decision-making, and thoughtful community involvement that they have grown to expect from us."
Sabadell United had 25 offices serving the Miami metropolitan statistical area of Dade, Broward, and Palm BeachCounties and three offices in Hillsborough, Sarasota, and Collier Counties. At June 30, 2017, Sabadell United had total assets of $5.7 billion, gross loans of $4.1 billion, and total deposits of $4.4 billion.
On that date, Sabadell United's shareholders' equity was $646 million and tangible book value was $558 million (which excluded goodwill of $77 million and other intangible assets of $11 million). Upon completion of the acquisition, IBERIABANK Corporation had approximately $28 billion in total assets.
Under the terms of the Stock Purchase Agreement, Banco de Sabadell, S.A. received $796 million in cash and approximately 2.61 million shares of IBERIABANK Corporation common stock.
The cash consideration was financed through two public common stock offerings completed on December 7, 2016, and March 7, 2017. Based on the Company's closing stock price on July 31, 2017, the value of aggregate consideration was approximately $1.0 billion, or 1.80 times Sabadell United's tangible book value and an 11% core deposit premium.