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."
Lafayette Police have had a busy day.
Gov. Bobby Jindal's administration will use $130 million in patchwork financing from a tax amnesty program, insurance settlement, uninsured motorist penalties and other excess funds to close most of the state's midyear budget deficit.
Democratic U.S. Sen. Mary Landrieu said she disagrees with President Barack Obama's actions on immigration, hoping the latest controversy doesn't worsen her campaign difficulties.
Gay-rights advocates challenging Louisiana's same-sex marriage ban announced Thursday that they have asked the U.S. Supreme Court to review their case before it is heard by a federal appeals court.
Thinking himself the “son of God,” the man charged with the 2013 killing of an officer of the Chitimacha Tribal Police will not stand trial following a ruling Thursday on his mental competency.
Either Saints coach Sean Payton doesn't want to tip Baltimore off as to who'll start in New Orleans' secondary on Monday night, or he really doesn't know yet.
Friday's Blogs from the Bog!
Ten departing CEOs rake in $430 million; profile of FSU gunman emerges; Buffalo's weather woes and more national and international news for Friday, November 21, 2014.
The Ethics Board gives the lame duck Youngsville mayor permission to offer a sweet parting gift to the community he’s presided over for three terms.
The money came through a general obligation bond sale Thursday.
A legend in the Acadiana Oil Patch, Comeaux died Monday, Nov. 17.
With a growing number of alleged sexual assault victims coming out against Bill Cosby in recent weeks, upcoming projects have been canned by NBC and Netflix, but that won’t affect the once-loved comedian and actor’s scheduled performance in Lafayette.
The Baltimore Ravens' retooled secondary had no trouble against a rookie quarterback at home. This week, however, their task is far more challenging: stopping Drew Brees on the road in New Orleans.
Add Texas Gov. Rick Perry's name to the list of possible Republican presidential candidates flooding the campaign trail for GOP Senate candidate Bill Cassidy.
Gov. Bobby Jindal is in Florida this week with his fellow Republican governors for another gripe session aimed at their favorite target, the president, this time taking aim at his immigration plans.
Early voting for the runoff is shortened by two days because of the Thanksgiving holiday.
“Coach Don” Gagnard is running for school board. Today he offers his critique of the socioeconomic relationship between government subsidies and obesity.
Former Le Rosier chef who cooked at the James Beard House and was named one of the “Best New Chefs in America” by Food & Wine magazine in 1995 was 48.
Pat Cooper is contesting his termination by the LPSB, filing a petition Tuesday that calls the recent decision “arbitrary and capricious.”
A look at the numbers highlights the challenge facing Louisiana Sen. Mary Landrieu as she tries to win a fourth term in a Dec. 6 runoff against Republican Rep. Bill Cassidy.
Incoming Senate Majority Leader Mitch McConnell is promising the new Republican majority will quickly resurrect Keystone XL pipeline legislation killed by Democrats, potentially setting up an early 2015 veto confrontation with President Barack Obama.
A national animal rights group has been rebuffed by a Baton Rouge district court judge, although the group might still get its day in court.
The administration says public college campuses won't be on the chopping block.
The legendary musician is performing at a $1,000-per-person fundraiser Dec. 1 in New Orleans.
Old savings and checking accounts, payroll checks, stocks and dividends, insurance proceeds, oil and gas royalty payments and other unclaimed money is sent to the state when a business cannot locate someone.