Iberia Now One of Area's Biggest

By Evanoff, Ted | The Commercial Appeal (Memphis, TN), September 7, 2013 | Go to article overview

Iberia Now One of Area's Biggest


Evanoff, Ted, The Commercial Appeal (Memphis, TN)


Synovus Financial Corp. will sell its Memphis bank to Iberiabank Corp., a deal that will place Iberia among the 10 largest bankers in the metro area.

Iberia of Lafayette, La., disclosed the deal Friday, saying a definitive agreement was signed to buy five of six branch offices of Trust One Bank, the Memphis arm of Synovus, a major regional bank based in Columbus, Ga.

Trust One's six branch offices hold $205 million in deposits, ranking it No. 22 in size among the 60 metro-area banks, while Iberia's three offices account for $162 million in deposits. Iberia will acquire all the deposit business and $131 million worth of loans.

Added together, the $367 million in deposits would have accounted for about 1.5 percent market share on June 30, ranking Iberia just behind No. 9 Metropolitan Bank in total deposits, according to Federal Deposit Insurance Corp. data.

"We don't have a huge network in Memphis, but this acquisition gives us the chance to offer more convenience to a broader market," said Beth Ardoin, Iberiabank communications director.

Also planned is the installation of Iberia automated teller machines in 10 Rite Aid drugstores in the Memphis area, Ardoin said.

Iberia, which has $13 billion in loans and assets, entered the Memphis market in 2007 with the $130 million purchase of Little Rock- based Pulaski Bank and Trust.

Trust One will close its branch at 1715 Aaron Brenner Drive in Memphis in September, Ardoin said.

While ranking as No. 10 in deposit size marks rapid growth in Memphis for Iberia, the trio of banks at the top are bigger than all their rivals. First Tennessee, Regions and SunTrust together hold $13 billion of the $23 billion in total deposited by customers in area banks, a federal report shows. …

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