Iberia buys Florida Gulf Bank

FORT MYERS — Louisiana-based IberiaBank has agreed to buy Florida Gulf Bancorp for nearly $44 million, the holding company of Fort Myers-based Florida Gulf Bank.

The deal equated to 1.41 times book value, more generous than recent bank transactions that have traded at or below book value in the last few years. The transaction is scheduled to be completed in the third quarter, pending regulatory approval.

Florida Gulf Bancorp shareholders will be paid mostly with IberiaBank stock and a cash incentive of $4.4 million contingent on performance of loans over the next three years.