Iberiabank acquires Omni
Iberiabank has announced the acquisition of Omni, a move it calls a low risk deal
The Iberiabank corporation has announced it has acquired Omni Bank Shares after ongoing sales negotiations between the two finance firms.
Noting the "strong cultural" similarities between the two companies as well as the ideal business fit, Iberiabank said that the deal is "low-risk" and will allow for higher distribution levels and scale in important markets.
It also presents opportunities for growth and "attractive deployment of excess capital", the bank said.
The board of directors at each firm has approved the sales negotiations and the deal is expected to be closed by the end of the second quarter of this year.
President and chief executive officer of Iberiabank Daryl Byrd said the new team-up will allow the finance firm to increase its presence in the southeastern Louisiana market.
As of December 31st last year, Iberiabank had some $10 billion in assets and more than 2,100 employees.