Analysts’ predictions that Lafayette-based IberiaBank would not stop in its expansion efforts after losing a recent bid to acquire Whitney Bank were legit: The 123-year-old financial institution announced Tuesday it will acquire Omni Bancshares Inc., the holding company of Metairie-based Omni Bank.
The deal — expected to close by the second quarter of this year pending the required approval from Omni shareholders — will add 14 branches and roughly $646 million in deposits to IberiaBank’s portfolio and almost double its market in the New Orleans metro area, according to a release from IberiaBank.
The stock-for-stock exchange agreement is valued at $40 million, with Omni shareholders receiving .33 shares of IberiaBank stock for each share of Omni common stock. Also as part of the deal, IberiaBank will assume $24 million in “trust preferred and holding company debt,” according to IberiaBank.
“Today’s announcement is an important step for IberiaBank to accelerate the growth of our Southeastern Louisiana franchise and, in particular, the New Orleans market,” IberiaBank President and CEO Daryl Byrd said in a prepared statement. “Omni has a very attractive distribution networks, as well as outstanding associates and clients. This combination ... represents a natural fit positioning us well to continue to serve and grow our combined client base.”
The combined branches and assets would make IberiaBank the fifth largest New Orleans area bank in terms of market share. With 26 branches and $1.3 billion in deposits, IberiaBank’s acquisition of Omni will represent 4 percent of the Greater New Orleans market. The top five ranking, however, is still three slots and 14 percentage points below Hancock-Whitney, which holds the No. 2 spot behind top-seated Capital One.
Omni has branches in Jefferson, St. John the Baptist, Orleans, East Baton Rouge and St. Tammany parishes. The 22-year-old bank reported total assets, deposits and equity of approximately $735 million, $646 million and $31 million, respectively, as of Dec. 31, 2010.
Mississippi-based Hancock Holding Co. announced its plans to purchase Whitney Bank in late December — after IberiaBank had been in negotiations to purchase Whitney, Louisiana’s largest bank and a longtime rival, for more than three months.
For more on IberiaBank and the Whitney-Hancock merger, check out The IndependentWeekly’s Feb. 16 lead news story “Don’t Bank on It.”
Read more on IberiaBank’s involvement with the Whitney-Hancock deal in the Feb. 23-March 22 issue of ABiz, which hits the stands Wednesday.
MAY 23 Here's a story in the Picayune about some statistics that must come as a blow to folks who believe that any private school can do a better job of educating kids than any public school: Danielle Dreilinger reports that only 30 percent of the voucher kids are passing. That's less than half of the state wide average, she says. It's an interesting statistic because most of the schools (if not all) taking voucher kids have never had their students' standardized test scores released to the public before.
MAY 23 Stephen Sabludowsky blogs on Bayou Buzz about auditor requests here. Recently the state GOP started crowing about a request from the Legislative Auditor, claiming they were being targeted because of their anti-tax stance. (Uh, your what?) Denial and hyperbole aside, the state Democratic party blew holes in that theory with an email announcing they'd received the same request, Sabludowsky writes here.
MAY 23 Jim Brown blogs about the senate race in this post. He says that, given Bobby Jindal's "lack of traction" on the national stage, it might make more sense for the governor to consider running against Mary Landrieu for the senate seat. Since Tim Teeple left the Cassidy team, it makes sense he might land on a Jindal for Senate team, Brown opines.
MAY 23 In this Louisiana Voice post, blogger Tom Aswell writes of rumors that his nemesis, state Superintendent of Education John White, may be soon departing Louisiana for a federal post. It's hard to believe, given his performance, Aswell says, but stranger things have happened. An anti-White BESE member says that, if true, White is quitting before he can be fired.
MAY 23 In this post on American Zombie, blogger Jason Berry writes about the Mother's Day shooting. Mayor Landrieu said that "this is not who we are," but the fact is, this is New Orleans, Berry writes. The violence infused in the city is the result of a culture created by "sins of omission or sins of commission," Berry writes. It's not a problem that can be solved by legislating, policing, praying or publicizing, he says: Someone's got to understand what's happening first.
MAY 23 This post in the Westside Journal tells us what Port Allen Mayor Deedy has been up to lately: vetoing ordinances, apparently. This story is most interesting, however, when it delves into a petition that has been circulating around the city lately. It accuses the former mayor of a lot of nasty things; the former mayor says it is full of lies and "broken syntax" which may be a larger offense in his eyes.
MAY 23 This editorial posted in The Advocate is a bit confusing. The writing is poor - definitely not up to the usual editorial writing standard there - and the point is hard to grasp. Apparently, the writer is saying that privatization of state efforts is OK, as long as there is oversight and transparency, but Jindal's not good at that, and the legislature shouldn't over-react. Okey Dokey. Can't they get one of them Pulitzer-winning people to write an editorial?
MAY 23 This post on The Lens gives you links to a new Google Earth tool that allows you to see any spot on earth transform over the past 30 years. Bob Marshall, who covers the coast for the paper, says that in the case of Louisiana's coastline, it's possibly something you don't want to see, because it's not a pretty picture. There are several clips here, showing critical areas erode away. For Marshall, it was vindication for all those times he was met with eye-rolling when he talked about erosion.
There will soon be a whole lot of shakin’ going on at Benny’s Sportshack Supplement Depot, a new concept by Opelousas native Benny Nele. Located at 2002 Johnston St., the supplement shop, smoothie bar and café, featuring hot off the press paninis and wraps, plans to open in late May.
Philip deMahy Sr., a once respected New Iberia ad exec, was sentenced May 2 to spend the next two years (he faced up to 100 years) in a state penitentiary after state and federal investigators found dozens of images depicting children engaged in lewd sexual acts on his personal computer.