Iberiabank To Acquire Georgia Commerce Bank - Quick Facts

(RTTNews) - Iberiabank Corp. (IBKC) Monday said in a news release that it agreed to acquire Georgia Commerce Bancshares, Inc., the holding company for Georgia Commerce Bank.

Iberiabank expects the acquisition to boost per-share earnings by 1.6 percent in 2016 and by around 5 percent in 2017.

Iberiabank said each share of Georgia Commerce will be exchanged for 0.6134 share of IBKC common stock, subject to certain adjustments under the agreement. Iberiabank expects Georgia Commerce common shares outstanding to total 4.6 million at the acquisition's closing, scheduled for the first half of 2015

The stock payment for Georgia Bank would equal $40 per Georgia Commerce common share, based on the $65.21 closing price on December 5, or around $189 million.

Georgia Commerce had around 262,189 outstanding stock options with average exercise price of $18.10 per share on September 30. According to Iberiabank, the merger agreement stipulates that all stock options will be cashed out once the merger closes, bringing up the total estimated consideration to around $195 million.

Georgia Commerce's CEO and Chairman, Mark Tipton will become the executive vice president and Georgia regional president for Iberiabank, while President of Georgia Commerce, Rodney Hall, will be appointed executive vice president and Atlanta Market president.