Subsequent Events

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On October 19, 2017, IBERIABANK Corporation ("IBKC") entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gibraltar Private Bank & Trust Company (“Gibraltar”). Pursuant to the Merger Agreement, Gibraltar will merge with and into IBERIABANK (the “Merger”). Each outstanding share of Gibraltar’s common stock, including restricted stock awards (whether vested or not vested), is to be converted into the right to receive 1.9749 shares of IBKC common stock, subject to certain adjustments provided for in the Merger Agreement. At the effective time of the Merger, all unexercised Gibraltar stock options, whether or not vested, will be cashed out in connection with the transaction pursuant to the formula set forth in the Merger Agreement. Based on the closing share price for IBKC common stock of $80.15, on October 19, 2017, Gibraltar shareholders will receive IBKC shares valued at approximately $158.29 per Gibraltar common share and IBKC expects to issue approximately 2.79 million shares of IBKC common stock in the transaction, valuing the transaction at approximately $223 million.

The Merger Agreement has been approved by the boards of directors of each company and is expected to close in the first quarter of 2018. The closing of the Merger is subject to the required approval of Gibraltar’s shareholders, the receipt of required regulatory approvals without the imposition of a materially burdensome regulatory condition, the effectiveness of the registration statement to be filed by IBKC with respect to the stock to be issued in the transaction, and other customary closing conditions.