IBERIABANK Corp. To Purchase First Private Holdings - Quick Facts

(RTTNews) - IBERIABAN Corp. (IBKC), the holding company of IBERIABANK, and First Private Holdings, Inc., the holding company of Dallas, Texas-based First Private Bank of Texas jointly announced the signing of a definitive agreement for IBKC to buy First Private through merger. The proposed First Private merger with and into IBKC has been approved by the board of each company and is likely to close in the second quarter of 2014.

As part of the deal, First Private shareholders would get 0.27 common shares of IBKC for each share of First Private common stock outstanding. If the transaction closes at June 30, 2014, First Private would have an aggregate of around 3.75 million shares, assuming the full exercise of then vested options and warrants outstanding. Any First Private stock options and warrants that remain outstanding immediately prior to closing, whether or not vested, would be cashed out at consummation of the merger.

Based on IBKC's closing stock price on February 10, 2014 of $63.62, the transaction would have an aggregate estimated pro forma value of some $64 million, or $17.18 per First Private common share. Assuming full exercise of vested options and warrants, the aggregate transaction value equates to 1.64 times First Private's adjusted book value and tangible book value at December 31, 2013, on a pro forma basis.

The deal is expected to have little impact on IBKC's capital ratios, and would be slightly accretive to tangible book value per share on a pro forma basis at December 31, 2013, excluding the estimated acquisition and conversion costs and slightly accretive on a pro forma basis at December 31, 2014, including those costs.