IBERIABANK To Buy Assets,assume Certain Liabilities Associated With Memphis Unit

(RTTNews) - IBERIABANK Corp. (IBKC), holding company of the IBERIABANK, announced that it agreed to acquire certain assets and assume certain liabilities associated with the Memphis, Tennessee, operations of Trust One Bank, a division of Synovus Bank. Financial terms of the agreement were not disclosed.

IBERIABANK anticipates it will consolidate certain branch offices to gain efficiencies.

The transaction is targeted to close by the end of 2013. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals.

At August 31, 2013, Synovus Bank had $131 million in loans and $205 million in deposits and 33 employees serving the Memphis market through six bank branch offices.