Iberiabank Corporation has completed the acquisition of American Horizons Bancorp, headquartered in Monroe, Louisiana, for $48.7 million. The acquisition was completed effective at the close of business on January 31.
The shareholders of American Horizons will receive 0.3660 shares of Iberiabank Corporation common stock per outstanding share of American Horizons common stock. Based on 2,165,093 American Horizons shares outstanding, Iberiabank Corporation anticipates issuing 792,424 shares of common stock to the shareholders of American Horizons.
In addition, shareholders of American Horizons will receive an additional cash payment of approximately $650,000, or $0.30 per American Horizons share outstanding. Based on the closing price of Iberiabank Corporation common stock on January 31 of $60.63 per share, the transaction had an estimated total value of $48.7 million. On a combined basis, Iberiabank Corporation’s total assets will exceed $2.7 billion.
As of December 31, American Horizons had $251 million in total assets, $193 million in deposits, and $23 million in shareholders’ equity. Shareholders of American Horizons overwhelmingly approved the acquisition on January 18.
The combined franchise will offer 12 branch locations covering the Northeast Louisiana market: Monroe, West Monroe, Ruston and Bastrop. With the acquisition, Iberiabank will be positioned as the second largest bank in the Monroe area, based on deposits as of June 30 last year.