IberiaBank finalizes acquisition

Florida Bank Group Inc. is officially no more after IberiaBank Corp. completed its $87 million acquisition of the Tampa-based lender.

With locations in the Tampa Bay, Sarasota, Jacksonville and Tallahassee markets, Florida Bank has survived a few recession cycles over its 30-year history. That includes the housing market crash nearly a decade ago that spelled the end of a number of high-profile banks.

Louisiana-based IberiaBank has been around for 127 years, but has kept its Gulf Coast locations primarily in Manatee and Sarasota counties, with a presence in the Fort Myers-Naples market. Adding Florida Bank to the mix will give IberiaBank a stronger presence in Hillsborough and Pinellas counties, with eight locations in and around Tampa and St. Petersburg.

For those still looking for that Florida Bank familiarity, they will find it on the executive side. Susan Martinez, Florida Bank's president and CEO, was named Florida regional president for IberiaBank.

As part of the deal, investors in Florida Bank received $17.21 per share in both cash and IberiaBank stock. At the end of last year, Florida Bank had $571 million in total assets -- $319 million in gross loans, and $404 million in total deposits.