IberiaBank will be prominently featured in a news story scheduled to run tonight on the CBS Evening News with Katie Couric. IberiaBank spokeswoman Beth Ardoin says CBS News and reporter Sharyl Attkisson spent about half a day in Lafayette filming the piece on Monday, March 9. While breaking news could always push the segment back to a later date, CBS did plug the story in an ad that ran yesterday during 60 Minutes. The story, which focuses on why some community banks are returning federal bailout money, will include an interview with IberiaBank Chairman of the Board Bill Fenstermaker.
CBS News is the latest national news organization, following CNBC and The Wall Street Journal, to put the spotlight on IberiaBank. Two weeks ago, the Lafayette-based community bank made headlines by becoming the first financial institution in the country to reverse its decision to participate in the Treasury Department's Trouble Asset Relief Program. Last year, IberiaBank sold $90 million in preferred stock to Treasury through the Capital Purchase Program, designed for healthy banks. Citing new cumbersome regulations the feds have considered placing on the funds — including a cap on salary bonuses, limiting dividends and requiring some salary disclosure — IberiaBank says it plans to buy back its preferred stock as the shares mature on March 31.
... written by a guest , March 16, 2009 - 06:35 pm
IberiaBank never should have accepted the $90 million in the first place. Congress never intented the bailout money to assist healthy banks to buy up other banks.
... written by a guest , March 16, 2009 - 07:26 pm
Wow, I guess you have to do something wrong, then try to make it right to be on the national news. We had two great banks here in Lafayette that turned down the money from the very beginning. You didn't hear too much about those banks using sound judgement and not making a mistake.
... written by a guest , March 16, 2009 - 08:17 pm
From the first post "IberiaBank never should have accepted the $90 million in the first place" As I understand, the Feds pushed this on banks and later, after IberiaBank and others read the fine print, returned the funds. ---- Frost Bite
... written by a guest , March 16, 2009 - 08:49 pm
you are right on. An overwhelming amount of community banks wisely passed up the TARP money to start with. This is nothing but spin covering up Iberia Bank not reading the terms of the agreement.
... written by a guest , March 17, 2009 - 01:46 pm
FYI the TARP money is offered for 2 reasons, first to allow banks to borrow money and temporarily relieve their exposure to toxic assets within their financials, I say temprarily because it is a loan that will have to repaid to the government. But the second reason is to allow financially secure AND well capitalized banks, such as Iberia, the opportunity purchase other banks who otherwise may fail during this economic recession. The intent is for successful banks to buy and turn around otherwise failed financial institutions. Some banks turned down the funds because even with them they could not afford to purchase other banks but Iberia accepted to allow itself an opportunity but there were none at the present time so they repaid the funds before interest charges were assessed. By not accepting the funds they would also have declined any potential to expand and possibly improve another institution which would positively effect which ever market exposure it possessed.
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