A merger between Louisiana and Florida banks, which would make the Louisiana institution the 64th largest in the country, has been approved by the Federal Reserve, the central bank announced Wednesday. The Fed said it had approved the application of Iberiabank of Lafayette, La., to acquire Gibraltar Private Bank & Trust Co., of Coral Gables, Fla.
In its notice, the Fed said that Iberiabank, with consolidated assets of approximately $28 billion, is the 65th largest insured depository organization in the country. It controls deposits of about $21.3 billion, which the Fed said represents less than 1% of the total amount of deposits of insured depository institutions nationwide.
The Fed said that Gibraltar, with consolidated assets of approximately $1.6 billion, is the 476th largest insured depository organization in the United States, controlling deposits of approximately $1.1 billion. Gibraltar has offices in Florida and New York.
After the merger, the Fed said, Iberiabank would hold about $29.6 billion in assets, controlling approximately $22.4 billion in deposits.