The IberiaBank, as Presented on Wikipedia

First Horizon Corporation has taken ownership of IBERIABANK as of July 2020. Check out First Horizon Bank or First Horizon Corporation if you want to learn more.

The IBERIABANK Corporation, or simply IBERIABANK, was the largest bank in the U.S. state of Louisiana and was headquartered in Lafayette, Louisiana. Founded in 1887, the company expanded to 12 southern states where it eventually had 325 locations total (190 bank branches and 3 loan production offices). Company-wide, there were 16 wealth management offices across 5 states and a single Iberia Capital Partners office in NOLA.

The Office of the Comptroller of the Currency oversaw IBERIABANK while it was an FDIC-insured institution. After the financial crisis ended on March 31, 2009, IberiaBank repaid its TARP funds to the Treasury first among all American financial institutions.

The merger between IBERIABANK and First Horizon, both based in Memphis, Tennessee, was announced in November 2019. Memphis is home to the new and improved First Horizon Bank. On July 2, 2020, the merger was finalized.

History [ edit ]

Foundations [ edit ]

On March 12, 1887, under the name Iberia Building Association, the bank first opened for business. It was given to a city in Louisiana called New Iberia by Spanish conquistadors in 1779; the name was inspired by the Iberian Peninsula. citation neededAbout three thousand people lived in New Iberia at the time the bank was established (citation needed). As the region's oil reserves, which would later spur population and economic growth, had not yet been discovered, sugarcane farming was its primary industry. [5]

For the first century of its existence, the bank primarily served the residents of New Iberia by accepting deposits and providing mortgage loans. [6]

Iberia Building Association rebranded as Iberia Savings & Loan Association (ISLA) in 1956. ISLA was not impacted by the oil crisis of the early 1980s like many Louisiana commercial banks were because savings and loan associations, or "thrifts," were not allowed to lend to businesses. [4]

As the oil glut of the 1980s continued, the bank absorbed several failing thrifts after expansion restrictions were lifted in 1985. The thrift expanded beyond its original territory of Iberia Parish, Louisiana, with the opening of branches in Morgan City and Franklin. In 1988, Iberia Savings & Loan Association (ISLA) changed its name to Iberia Savings Bank (ISB), and the following year, ISB acquired Acadia Savings & Loan in Lafayette, Louisiana. [6]

Changes to the rules in the early 1990s allowed Louisiana's savings and loan associations to convert to commercial banks with state charters. On April 13, 1995, ISB Financial Corporation, a holding company formed by the bank's president Larrey Mouton, went public. [7]

The official IBERIABANK logo from before 2007.

Daryl Byrd, formerly of Bank One, became CEO in 1999, ushering in a period of explosive expansion for the institution. Under its new name, IBERIABANK Corporation, the company has expanded through the acquisition of 24 banks since 2001. [8]

Loan losses, facility repairs, and insurance deductible payments were just some of the hurricane-related costs incurred by IberiaBank after Katrina hit the Gulf Coast in 2005. After Katrina, the Louisiana-based bank decided to expand into other states in an effort to spread out its risk. In 2007, the bank made its first move outside of Louisiana by acquiring Pulaski Bank and Trust in the state of Arkansas. [10]

In the wake of the global financial crisis that started in the spring of 2008, many banks' assets were acquired, fueling a period of rapid expansion. ANB Financial in Arkansas was the third FDIC-insured bank to fail in 2008, so their insured deposits were taken over as a first step. IberiaBank took over CapitalSouth (based in Birmingham), Orion Bank of Florida, and Century Bank of Florida the following year. In late 2009, it completed its fifth and final FDIC-supported transaction, the acquisition of Sterling Bank in East Florida. [12]

Consolidation through Purchasing [ edit ]

Since 2001, the firm had expanded by acquiring 24 additional banks. [4]

A Savings Bank Established in 2003 in Lafayette, Louisiana (LBA)[13].

Baton Rouge, Louisiana's Alliance Bank (2004) [14]

Monroe, Louisiana's American Horizons Bank in 2005 [15].

Little Rock's Pulaski Bank & Trust and Jonesboro's First Community Bank both opened in 2007 [16].

Bentonville, Arkansas's ANB Financial in 2008 [17].

The following banks were acquired in 2009:[12] CapitalSouth (Birmingham, Alabama);[18] Orion Bank (Naples, Florida);[19] Century Bank (Sarasota, Florida);[20] Sterling Bank (Lantana, Florida).

For 2011, we have: Omni Bank (Metairie, Louisiana);[21] Cameron State Bank (Lake Charles, Louisiana);[22]

Ft. Myers, FL: Florida Gulf Bank, 2012[23].

In 2014, Trust One Bank in Memphis, Tennessee, changed hands from Synovus to First Private in Dallas, Texas, and Teche Holding Company in Lafayette, Louisiana, to First Private.

Florida Bank Group, Inc., 2015 (Tampa)[27]Old Florida Bankshares Inc (Orlando, Florida);[28] and the Georgia Commerce Bankshares, Inc. (The ATL)[29]

United Bank of Sabadell 2017 (South Beach, Flordia);[30]

Founded in 2018, Gibraltar Private Bank citation needed(Miami, FL) [insert location]

IBERIABANK and First Horizon Corporation, headquartered in Memphis, Tennessee, reached a merger agreement in November 2019. The new bank's headquarters will be in Memphis, and it will be known as First Horizon. The merger was finalized on July 2, 2020 [31]. There are $58 billion in loans and billion in assets at the combined bank. [33]

Toronto-based TD Bank Group announced on February 28 that it would acquire First Horizon Corporation in an all-cash transaction valued at $13 billion in 2022. 4 billion For each share of First Horizon, TD will pay $25. Consensus suggests that the deal will close in February of 2023. [34]

Branches and Affiliates [ edit ]

Company, IBERIABANK was the parent company of IBERIABANK, which offered retail and wholesale banking services, mortgages, and VirtualBank's online banking platform. [35]

There are a total of six operational non-banking subsidiaries and divisions under IBERIABANK's ownership. [2]

Equity research, institutional sales, trading, and investment banking were all areas in which Iberia Capital Partners (ICP), a division of IBERIABANK, excelled. Investment firms, governments, and other large organizations like pension funds, mutual funds, hedge funds, and energy companies were its typical clients. [36]

Through its subsidiary, Essex National Securities, Inc., Iberia Financial Services (IFS) provided investors with access to a variety of financial instruments. Broker/Dealer (ENSI) Member FINRA, SIPC Investment products and services were also offered by IFS, and they included mutual funds, 529 plans, annuities, stocks, insurance, bonds, and pension plans. [37]

A former division of IBERIABANK, Iberia Wealth Advisors (IWA) specialized in trust and asset management. High-net-worth individuals, their families, businesses, pension funds, foundations, endowments, and public and private institutions were all able to take advantage of IWA's wealth management and trust services. [38]

As a full-service title agency, Lender's Title Group operated in Arkansas and Louisiana as Lenders title Company (Arkansas), United Title of Louisiana (Louisiana), American Abstract (Little Rock, Arkansas), and The Title Company (Baton Rouge, Louisiana). Lenders Title Company's closing services and title insurance products backed and facilitated home purchases, refinancing, home equity lines of credit, commercial property deals, financing, government land sales, and real estate owned (REO) transactions. Title agents, escrow officers, legal professionals, and support staff made up the Lenders Title Company team. For many years, Lender's Title was Arkansas's preeminent non-governmental title insurer. [39]

IBERIABANK's Mercantile Capital Corporation provided funding through the Small Business Administration's 504 Loan Program for the purchase of fixed assets like buildings and machinery by qualifying businesses. Loans for merchandise are available in all 50 states plus Puerto Rico and Washington, DC. [40]

References [ edit ]

Web Resources [ edit ]

• • IberiaBank's financial records from the past:
  • Securities and Exchange Commission Documents