The Florida Trust team will join Iberia Wealth Advisors, the trust and asset management division of Iberiabank.
Initially, Iberiabank will pay $0.7m and a contingent payment of up to $0.7m which will be paid approximately one year after the consummation of the transaction.
Established in 2000, Florida Trust currently has $460m in assets under management and operates offices in Naples and Ft Lauderdale, Florida.
Iberiabank vice chairman and managing director of Trust, Brokerage and Wealth Management Jefferson Parker said by acquiring a seasoned team with an established asset base and connectivity to their local markets, the bank can immediately begin serving clients with services they have been unable to access previously within the bank’s franchise.
"In addition, our larger and rapidly growing asset management group will provide the former Florida Trust Company with additional resources and capabilities to better serve their existing clients as well as new ones," Parker said.
During the last 15 months, Iberiabank has grown its South Florida franchise with the acquisitions of Orion Bank, Century Bank, and Sterling Bank, adding 42 branches and $3.5bn in assets in the Southeast and Southwest Florida markets.
The transaction is subject to approval.
