Louisiana-based IberiaBank said Friday it has agreed to acquire four Memphis branches of Trust One Bank, a division of Synovus Bank.
The move brings IberiaBank's total number of offices in the Memphis area to seven.
"We are very excited about this opportunity to expand our Memphis franchise," said Greg Smithers, IberiaBank Memphis Market President. "We look forward to serving these clients in the same high-quality manner in which we have served our legacy clients for over 126 years. The addition of these branches and this great team enhances our commitment to serve our clients by providing greater access to banking services in convenient locations.
"In addition to this acquisition, in the very near future we will be launching 10 additional ATMs in select Rite Aid locations throughout the Greater Memphis area," Smithers added. "Look for more information coming soon regarding this great news."
The price of the deal with not disclosed.
The transaction is targeted to close by the end of 2013.