Georgia Commerce Bank and IBERIABANK jointly announced today the signing of a definitive agreement for IBKC to acquire Georgia Commerce via merger. The proposed merger of Georgia Commerce with and into IBKC has been approved by the Board of Directors of each company and is expected to close in the first half of 2015. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of Georgia Commerce’s shareholders.
Mark W. Tipton, Chairman and Chief Executive Officer of Georgia Commerce, will be named Executive Vice President and Georgia Regional President for IBERIABANK’s Georgia franchise after the acquisition is consummated. Rodney L. Hall, President of Georgia Commerce, will be named Executive Vice President and Atlanta Market President upon completion of the transaction.
Mark Tipton commented, “This is a very exciting day for our organization and our shareholders. We are proud to partner with an organization that mirrors our client relationship-focused approach to business and values local decision-making and community involvement. With IBERIABANK’s history of strong financial performance, its size and scope, we will be in an exceptional position to take our clients, team and shareholders to the next level.”
Daryl G. Byrd, President and Chief Executive Officer of IBKC, added, “We are very excited to have the opportunity to enter the Atlanta market by joining forces with Georgia Commerce. Mark Tipton, Rodney Hall and their team have done a phenomenal job building a Company that provides us a solid platform from which to grow our Georgia franchise. With a strong economic recovery in progress, Atlanta is one of the fastest growing regions contiguous to our current footprint. This is a market that our team knows very well and we believe we are entering this market at an opportune time. Upon completion of our pending acquisitions, we will have $18.4 billion in total assets on a pro forma basis serving all five of the largest metropolitan statistical areas (“MSAs”) in the southeastern United States and a meaningful presence in 10 of the 20 largest MSAs in the region. This combination is financially attractive to both parties and a great strategic and cultural fit. Similar to our recent acquisition in Dallas and pending acquisitions in Tampa, Orlando, and Jacksonville, we believe the Atlanta market provides exceptional near-term and long-term growth opportunities.”
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Georgia Commerce Bank sponsored an artist at the 2014 Marietta ChalkFest, an annual art festival hosted by the Marietta/Cobb Museum of Art. The festival features professional artists creating large-scale chalk art on the streets of Marietta Square. In addition, there is a public non-professional chalk competition for all ages.
Georgia Commerce Bank was proud to serve as a sponsor for the ChalkFest, an event that celebrates community. The drawing completed by the bank-sponsored artist, pictured here, was amazing and was featured in the Marietta Daily Journal on October 13.
As of September 30, 2014, Georgia Commerce Bank (the Bank) reported total assets of $1.01 billion, total loans of $732.0 million, and total deposits of $828.5 million, representing growth rates of 9.69%, 16.36% and 3.57%, respectively, for the year-to-date period.
For the nine months ending September 30, 2014, the Bank reported net income of $7.03 million, an increase of 84.9% over the same period in 2013. Return on average assets was 0.97%, net interest margin was 4.77%, and cost of funds was 0.43%.
Georgia Commerce Bank continues to comfortably exceed regulatory guidelines for a “well-capitalized” institution with a tier 1 capital ratio of 13.07% and total equity of $112.1 million. In addition, the Bank’s overall asset quality remains strong and continues to improve, which should provide a continued positive contribution to earnings for the remainder of 2014 and beyond.
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On Saturday, October 4, a team of employees from Georgia Commerce Bank in Brookhaven participated in the 1st Annual Hot Pursuit 5K Road Race. Race proceeds benefit the Brookhaven Police Department’s Shop with a Badge program, raising funds for the city’s underprivileged children. Police officers, sheriff’s deputies, troopers and other first responders will accompany children on a shopping trip to Target for much-needed items, and a toy or two! Georgia Commerce Bank was a proud sponsor of the race and is pleased to support its worthy cause.
Georgia Commerce Bank Proudly Sponsors 4th Annual Night Golf Tournament
Hosted by Kiwanis Club of Marietta
The Kiwanis Club of Marietta Kiwanis Club hosted its 4th Annual Night Golf Tournament to benefit the club’s major emphasis project in support of Graduate Marietta. Held at Marietta Country Club on September 19th, the event included dinner, silent auction, a putting contest and night golf. Prizes were awarded for the best and worst golf scores, and for the best decorated cart. Georgia Commerce Bank was pleased to again serve as a sponsor of the event. Staff members from the bank’s Marietta branch also participated in the event. Read More