Five years after it first entered the Jacksonville market and two years after it exited, Louisiana-based Iberiabank Corp. is returning to Jacksonville through an acquisition.
Iberiabank announced Friday it will acquire Tampa-based Florida Bank Group Inc. for $90 million in cash and stock.
Florida Bank has three offices in the Jacksonville market, in addition to eight in the Tampa area and one each in Tallahassee and Sarasota.
“The Tampa Bay area has a very strong concentration of commercial and industrial companies, which is a segment of banking in which our company excels. With the addition of Florida Bank Group, we will extend our brand throughout the west coast of Central and South Florida and into Jacksonville in Northeast Florida,” Iberiabank CEO Daryl Byrd said in a news release.
Iberiabank had abandoned the Jacksonville market in 2012. It first came to Jacksonville in 2009 when it acquired the failed CapitalSouth Bank, an Alabama-based bank that had three Northeast Florida branches.
However, Iberiabank was more interested in CapitalSouth’s Alabama operations, and it closed down the Jacksonville branches three years later.
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