The Florida Trust Company team will join Iberia Wealth Advisors, the trust and asset management division of IberiaBank. The bank launched Iberia Wealth Advisors in July of last year.

Under the terms of the deal, IberiaBank will pay the Bank of Florida Corporation an initial payment of $700,000 and a contingent payment of up to $700,000 million. The contingent payment will be paid approximately one year after the completion of the transaction and will be determined based on the amount of revenue realized by IberiaBank during that period from former Florida Trust Company clients. 

Florida Trust Company has $460 million in assets under management and operates offices in Naples and Fort Lauderdale, Florida.

"This transaction provides an opportunity to accelerate the entry of our Trust and Wealth Management businesses into our key Florida markets," Jefferson Parker, vice chairman and managing director of trust, brokerage and wealth management for IberiaBank said.