IberiaBank footprint grows through Fla. acquisitions
Lafayette-based IberiaBank has announced the acquisition of two faltering Florida bank chains, enlarging its footprint in the Sunshine State to more than three dozen banking centers.
The company announced Friday it has entered into purchase and assumption agreements with loss share arrangements with the Federal Deposit Insurance Corporation to purchase certain assets and to assume certain deposits and liabilities of Naples-based Orion Bank and Century Bank, a full-service federal thrift based in Sarasota. The agreements bring 34 more financial outlets operated under the IberiaBank brand throughout south Florida with total assets of roughly $3.1 billion and total loans of approximately $2.5 billion. In August IberiaBank acquired the three Jacksonville branches of failing CapitalSouth Bank. With this latest acquisition, the Lafayette institution will surpass $10 billion in assets.
The deal helped boost IberiaBank’s stock price to $52.20 per share (as of noon central time Monday); that’s up $7.80 from Friday’s close and a 17.6 percent increase in share price. In an article today, The Wall Street Journal writes that the acquisition is being applauded by financial analysts: “B. Riley upgraded IberiaBank on an increased price target, while Raymond James said it views the deal positively, adding the bank remains well capitalized and the deals should add to earnings next year.”
... written by Plumpy , November 16, 2009 - 06:41 pm
I don't like what i'm seeing . IberiaBank getting bigger. Not good for me. I see possible fee increase's coming to cover their investments in these failed banks. I may start looking around for a smaller regional bank...
... written by NORTHSIDIAN SHOTGUN , November 16, 2009 - 09:46 pm
NOT ta worry Plumpy, dey got da inside track!!!!!!! Ya know Plumpy, da stars are in alignment fo dese cats.......... If ya do anything atall, ya git you some of that, dese guys got da big brothers running interference, they will succeed das in da stars. Someday, we'll be back ta da BIG 5, an dey'll marry AT$T, and IBERIA will buyout FARMERS $ MERCHANTS,FIRST LOUISIANA BANCO,BUMPOFF BANK $ TRUST, AND DAT BANK IN ANTIQUA, dey'll rename dat bank STANFORD $ JANVEYE. DAS AH FACK, JACK!!!!!!!!
... written by Morrow , November 17, 2009 - 02:26 pm
I'm not liking this or trusting this either. I've done business with Iberia for 35 yrs but if they start nickel and diming me to death, I'm moving to St Martin Bank or Rayne State Bank. I'll miss the employees I've grown to know over the years, but I don't trust this. They're assuming the debts as well and I just don't think I.B. needed to be bigger. Did you notice they turned the $$$ back in when the salary limits were set at $500,000? Does that tell you what the big guys at the top are making?????
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