Key Developments For IBERIABANK Corporation
IBERIABANK Corporation (IBKC.O) (Nasdaq)
IBERIABANK Corporation Announces Opportunistic Florida Expansion
IBERIABANK a subsidiary of IBERIABANK Corporation announced that it has entered into purchase and assumption agreements with loss share arrangements with the Federal Deposit Insurance Corporation (FDIC) to purchase certain assets and to assume certain deposit and other liabilities of two Florida-based failed financial institutions. The two acquisitions are - Orion Bank, a full service Florida-chartered commercial bank headquartered in Naples, Florida and Century Bank, FSB, a full service federal thrift headquartered in Sarasota, Florida. On a pro forma combined basis, the two acquisitions provide the Company: 34 full service offices throughout south Florida, total assets of approximately $3.1 billion, total loans of approximately $2.5 billion (before loan discounts and FDIC receivables), investment securities of approximately $0.3 billion, total deposits of approximately $2.5 billion, long-term borrowings of approximately $0.5 billion, and loss share protection from the FDIC on approximately $2.6 billion in covered assets. Upon completion of the acquisitions, the Company will continue to remain 'well capitalized' by regulatory standards, with no additional capital required to support these transactions.
IBERIABANK Corporation Declares Cash Dividend
IBERIABANK Corporation announced the declaration of a quarterly cash dividend of $0.34 per share. The dividend is payable on October 23, 2009 to shareholders of record as of September 30, 2009.
IBERIABANK Corporation's IBERIABANK Announces Market Expansion
IBERIABANK, the subsidiary of IBERIABANK Corporation, announced that it has entered into a purchase and assumption agreement with a loss share arrangement with the Federal Deposit Insurance Corporation (FDIC) to assume all of the deposits and certain assets in a whole-bank acquisition of CapitalSouth Bank, a full service commercial bank headquartered in Birmingham, Alabama. CapitalSouth Bank depositors will automatically become depositors of IBERIABANK, and deposits will continue to be insured by the FDIC. Depositors can access their accounts through automated teller machine transactions, checks, and debit transactions. The terms of the transaction were not disclosed.
IBERIABANK Corporation Closes $172.7 Million Common Stock Offering
IBERIABANK Corporation announced that it raised approximately $172.7 million through its previously announced public offering by issuing 4,427,500 shares of common stock, including 577,500 shares pursuant to the exercise of the underwriters' over-allotment option. The net proceeds of the offering were approximately $164.5 million. Goldman, Sachs & Co., and Keefe, Bruyette & Woods acted as joint bookrunning lead managers, and Stifel Nicolaus & Company, Inc. acted as co-manager for the offering.
IBERIABANK Corporation Announces Pricing of Common Stock Offering
IBERIABANK Corporation announced the pricing of an underwritten public offering of 3,850,000 shares of the Company's common stock at a price to the public of $39.00 per share for gross proceeds of approximately $150.2 million. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $143.0 million. IBERIABANK has granted the underwriters a 30-day option to purchase up to an additional 577,500 shares of IBERIABANK common stock to cover over-allotments, if any. Goldman, Sachs & Co., and Keefe, Bruyette & Woods acted as joint bookrunning lead managers, and Stifel Nicolaus & Company, Inc. acted as co-manager. The Company expects to close the transaction, subject to customary conditions, on or about July 7, 2009.
