The deal, which was announced on March 6, is valued at $5.3 billion. Under the terms of the agreement, Hibernia's shareholders can elect to receive cash or Capital One common stock. While Wood did not have details of how the election would work, she says that shareholders would be paid "about $33 for each share, of which 45 percent will be cash, and 55 percent will be Capital One stock."
According to Wood, the buyout will not affect jobs in Lafayette or in Hibernia's management. Once the deal is done, Hibernia's New Orleans president and CEO, J. Herbert Boydstun, will become president of Capital One's banking division. "It's status quo for us, with the exception of the name change to Capital One," Wood explains.
She doesn't anticipate any major changes, but she does expect customers to benefit from Capital One's clout. This might even include lower rates for loans and higher interest on deposits. "Capital One has been some of the most creative consumer financers that we've seen in a long time," she says. "So, I think what's going to happen is it's going to be a very competitive market because it is a competitive organization, and that's going to be good for our customers."
Now that the news has settled in, Wood says that Hibernia's employees are excited about the transaction. "I cannot tell you how delighted we are, because the Capital One philosophy and support in the communities absolutely mirror Hibernia's," she says. "So, for us, it just is an endorsement of what we've been doing for so long, and that's what made us attractive for them."
Since Anthony Jennings and Brooks Haack were not expected to contribute until next year at the earliest, it seemed like a sneak peek at hidden Christmas gifts.
Louisiana National Guard personnel seeking benefits for same-sex spouses will have an easier time filing the requests, despite a state refusal to let its workers process the paperwork.
Panthers coach Ron Rivera sees one potential flaw with his team's stellar defensive play so far this season. "Apparently we like to bite on the double moves," Rivera said.
Computer hackers may have gained access to the personal information of thousands of Louisiana residents who use debit cards issued by JPMorgan Chase for three state agencies, authorities said Wednesday.
Jim Purcell, who has been in the job since February 2011, notified the Board of Regents about his decision at its monthly meeting.
Here's your daily look at late-breaking national and international news, upcoming events and the stories that will be talked about Thursday, December 05, 2013.
Hushed plans for a commercial development along the Louisiana Avenue portion of the Holy Rosary campus put the future of longtime tenant EarthShare Gardens in jeopardy.
If a recent advertisement in The Daily Advertiser is any indication, speculation the local daily will be implementing the “Butterfly Project” could be more of a reality than the Gannett-owned paper’s top execs are willing to admit.
Mettenberger injured his left knee while unloading a 32-yard completion in the fourth quarter of No. 14 LSU's 31-27 victory over Arkansas last Friday, and LSU coach Les Miles confirmed the severity of the injury on Wednesday.
An ordinance to phase out a 2 percent rebate to Lafayette merchants for collecting and remitting on time sales taxes cleared the City-Parish Council by a 6-3 vote.
Louisianans are the fourth most likely to use profanity yet also the fourth most likely to be courteous. So, please, just kiss my a** ... if it’s not too much trouble.
The state Coastal Protection and Restoration Authority voted Tuesday to authorize two lawsuits against the U.S. Army Corps of Engineers.
A long night on the field in Seattle got even worse off of it, and now the Saints are operating on a compressed time-frame as they brace for surging Carolina with first place in the NFC South at stake.
Public school letter grades, teacher evaluations and student promotion won't be affected by Louisiana's shift to more rigorous educational standards for two years, the state's top school board decided Tuesday.
Vitter told The Associated Press that he is sending an email to supporters Wednesday and is in discussions with his family about the possibility.
The Ragin' Cajuns go for New Orleans Bowl three-peat, this time against the Tulane Green Wave, which is making its first postseason appearance since the Hawaii Bowl in 2002.
Louisiana has joined four other states in filing a so-called “friend of the court” brief in support of Mississippi’s lawsuit against the federal government over new flood insurance rates set to go into effect.
Kerry Wayne Bertrand was charged Monday for the alleged killing of his stepdaughter, Skylar Lee Credeur, a UL Lafayette chemistry major found dead in the bathtub of her family home in August.
Louisiana's state school board is considering a two-year delay for some consequences tied to the phase-in of more rigorous educational standards, called Common Core, at public schools.
The most anticipated game in the NFC this season was a laugher.
The attorneys for Busted in Acadiana administrator Chris Hebert got an extra 2.5 months Monday to prepare for their client’s felony trial, marking the third time the case has been delayed this year.
In an effort to ease tensions, Lafayette Parish Superintendent of Schools Dr. Pat Cooper is calling for board approval of two day-long workshops: one to address lingering questions caused by Act 1 of the 2012 Legislature, and a session focused on mending the tattered relationship between the board and administration.
Lafayette has so much going for it, and so much yet to do.
Has Louisiana found a way to hold the Corps of Engineers responsible for coastal erosion?
Children and grief