Loading
NAPLES — Iberiabank will acquire the assets of the Florida Trust Co., the wealth management subsidiary of the Bank of Florida Corp. (symbol: BOFL) for up to $1.4 million.
Iberiabank will make a $700,000 payment at the time of acquisition. Then, a second payment of up to $700,000 will be made one year after the deal is complete, based on revenues generated from former Florida Trust clients over the one-year period.
In buying Florida Trust Co., Iberiabank acquires $460 million of assets, as well as a foothold in the wealth management business in southern Florida. Neither of Iberiabank's two other recent Southwest Florida banking purchases — Orion Bank and Century Bank — offered such a large portfolio of managed assets.
Florida Trust Co. is the last remaining subsidiary owned by Bank of Florida Corp., after the Federal Deposit Insurance Corp. sold the assets and deposits of the Naples-based firm's three other banking subsidiaries to Jacksonville-based EverBank last summer.
Iberiabank is a subsidiary of Iberiabank Corp. (symbol: IBKC), a financial holding company based in Lafayette, La., that manages $10.0 billion in assets.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
