IberiaBank's $3 million conversion

The bank-sign business must be good.

IberiaBank, the Louisiana-based bank that acquired Fort Myers-based Florida Gulf Bank earlier this year, says it spent $3 million converting the 10 branches in Fort Myers and Cape Coral. The most visible part of the conversion was new IberiaBank signs.

Details of the conversion costs were contained in IberiaBank's quarterly earnings announcement.

In addition to Florida Gulf's $286 million in deposits and $57 in securities, IberiaBank acquired $216 million in loans. Of those loans, $145 million were commercial, $28 million were consumer and $43 million were mortgages.

For the quarter ended Sept. 30, IberiaBank reported net income rose 30% to $21.2 million compared with the same month one year ago. Net interest income rose 9.3% to $96.7 million.