IBERIABANK Annouces Cameron Bank Acquisition, Morgan Keegan Maintains Outperform

Morgan Keegan has published a research report on IBERIABANK Corporation IBKC after the company announced its acquisition of Cameron Bank on Friday before market open.

In the report, Morgan Keegan writes "IBKC announced Friday the acquisition of Lake Charles, Louisiana-based Cameron Bank. The Cameron acquisition provides IBERIA entry into the southwestern LA market via a dominant local player with $575MM in deposits (29% noninterest bearing) and 22 branches. Friday's announcement comes closely on the heels of the recently announced acquisition of New Orleans-based OMNI bank (Feb 22) and is another example of the array of opportunities that management should see in terms of consolidating smaller regional and community banks over the coming years. The deal is expected to be EPS accretive by 3-5% (approx. 6-10 cents) once the cost-saves are fully phased-in."

Morgan Keegan maintains its Outperform rating and $72 price target.

IBERIABANK Corporation closed Friday at $55.92.