The 123-year-old Lafayette-based bank will acquire the Calcasieu Parish bank in a stock-for-stock deal totaling $133 million, according to a press release from IberiaBank.
“We are excited to join forces with Cameron State Bank, the bank of choice in the Lake Charles region,” IberiaBank President and CEO Daryl Byrd says. “Cameron has an enviable distribution network ... a very successful operating strategy, as well as outstanding clients and associates. This combination provides interesting growth opportunities for the shareholders of both companies.”
Pending regulatory and Cameron State Bank shareholders’ approval, Cameron shareholders will receive 3.464 shares of IberiaBank common stock per share of Cameron common stock, subject to certain adjustments. Cameron had no outstanding debt at the end of 2010.
The acquisition announcement comes on the heels of IberiaBank’s recent agreement to acquire Omni Bank of Metairie, a $40 million stock deal that will bring IberiaBank into the top 5 ranking in the New Orleans area market.
The same day the Iberia-Omni merger was announced, IberiaBank revealed it also is purchasing “certain assets” of Florida Trust Co., a Bank of Florida subsidiary. The agreements calls for IberiaBank to pay $700,000 for the unspecified assets, and an additional $700,000 after one year — depending on the revenue IberiaBank has taken in from Florida Trust clients.
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| Photo courtesy KPLC |
| Cameron State President/CEO Roy Raftery Jr., left, with Mike Pelletier of IberiaBank, Mary Williams of Cameron State and IberiaBank President/CEO Daryl Byrd. |
The latest purchase is further proof that losing a bid to acquire Whitney Bank was no major hurdle for IberiaBank in its expansion efforts. 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.
According to a report by Robert Barba of American Banker, a financial services publication, the Omni purchase was IberiaBank’s first Louisiana acquisition in seven years and one small step toward Byrd’s goal of dominating the New Orleans market.
The Iberia-Cameron deal is expected to close by the second quarter of this year. Cameron President and CEO Roy Raftery Jr. will head IberiaBank’s Lake Charles region after the purchase is complete.
For more on IberiaBank’s unsuccessful attempt to purchase Whitney, check out a story published in ABiz Feb. 23.
Read more about IberiaBank in this Independent Weekly November 2009 cover story.
MAY 20 This post by blogger CB Forgotston draws parallels between Gov. Bobby Jindal and two individuals he probably doesn't want to be aligned with: President Obama and former governor Edwin Edwards. CB says Jindal's trying to jack up the debt ceiling (an Obama play, according to CB) and buy votes from GOP leges who normally wouldn't go for that (an Edwards play, CB says).
MAY 20 Here's a post in the Baptist Message from an alumnus of Louisiana College. The author, Larry Burgess, calls on the leadership of the private school to take care of some pressing problems. Physical plant issues are critical and unaddressed, some faculty make so little they need government health care, and there is an atmosphere that does not encourage honest discussion, he writes. It's time to get things back in order, he says.
MAY 20 This post in Gambit tells of a benefit concert scheduled to raise money for the 19 people shot during a Mother's Day second line on Frenchmen Street in NOLA. Among them was Gambit blogger Deb Cotton, who spoke frequently about violence in the city and reported on the city's second line culture. Gambit's foundation, along with other NOLA non-profits, also is selling t-shirts to raise money for the victims.
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MAY 20 Here's a link to the photo gallery from Tulane's graduation this past weekend. Dr. John and Allen Toussaint played together and received honorary degrees. The Dalai Lama was so entranced by their performance he got up from his seat and walked across the stage to stand next to them. He even participated in a second line with his own personal, saffron-colored umbrella. To the graduates, he urged them to think about creating a peaceful, hopeful life and society.
MAY 20 This Picayune story questions the rhetoric of NOLA officials who say the city, aside from having a "murder problem," is safe. The talking points generally are that the criminals are killing each other, but everything else is OK. The police chief there says that even Lafayette is more dangerous than NOLA. But crime experts interviewed here say that NOLA's numbers indicate one of two things: either people are so used to violence they don't report it, or somebody's "fudging the numbers."
MAY 20 The Advocate's Mark Ballard writes about some of the background maneuvering that took place during the development of budget alternatives in the Legislature. From Rep. Joel Robideaux being called a "tax and spend liberal" to robo-call influence, Ballard lets us in on some of the work that happens behind the scenes but usually doesn't make it into the Advocate's daily coverage of the session.
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