Bank holding company IberiaBank (NASDAQ:IBKC) announced today that the Board of Governors of the Federal Reserve has signed off on its acquisition of the Memphis, Tenn., assets and liabilities of Trust One Bank, a division of Synovus Bank, the community banking arm of Synovus Financial (NYSE:SNV), that was previously announced on Sept. 6.
At the time of the original agreement, Synovus Bank had $131 million in loans and $205 million in deposits and 33 employees serving the Memphis market through six bank branch offices. IberiaBank had approximately $376 million in loans and approximately $162 million in deposits and 49 full-time equivalent employees serving the Greater Memphis area through three bank branch offices and four mortgage loan origination locations.
IberiaBank has said it anticipates consolidating some of the branch offices to gain efficiencies.
Completion of the transaction is still subject to customary closing conditions, receipt of additional regulatory approvals, and expiration of the 15-day waiting period associated with the Federal Reserve Board's approval. The deal is expected to close by the end of 2013, though financial terms of the agreement were not disclosed.
Headquartered in Lafayette, La., IberiaBank is a financial holding company with 267 combined offices.
Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.