Press Release :: IBERIABANK
The Bank announced that it has entered into purchase and assumption agreements with loss share arrangements with the Federal Deposit Insurance Corporation 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, a full service federal thrift headquartered in Sarasota, Florida.
On a pro forma combined basis, the two acquisitions provide the Company:
The impact on the Company is currently expected to:
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.
Additional information regarding Orion, Century, and the acquisitions is provided in a supplemental PowerPoint presentation available on the Company's website at www.iberiabank.com, under the "Investor Relations" section.
Depositors of Orion and Century will automatically become depositors of IBERIABANK, and their deposits will continue to be insured by the FDIC. Depositors can access their accounts through automated teller machine transactions, checks, and debit transactions. Offices of Orion and Century will open under regular operating hours on Saturday, November 14, 2009 and Monday, November 16, 2009 as branches of IBERIABANK. With the completion of this transaction, IBERIABANK Corporation will have a combined 204 offices serving clients in 11 states.
Daryl G. Byrd, President and CEO of IBERIABANK Corp. stated, "We welcome the clients of Orion Bank and Century Bank to the IBERIABANK family. These two companies possess very strong deposit market share positions in five very attractive Florida MSAs, with outstanding growth characteristics. Recognizing the importance of ensuring a smooth transition, we deployed over 100 IBERIABANK Corporation associates to all of the acquired branch offices and support areas to assist in the weekend resolution process. We greatly appreciate the hard work and compassion our current team members and our newest associates from Orion and Century who are assisting in this assimilation process. Our Company has a very unique and successful culture with a strong focus on people. After all, banking is all about people."
Byrd continued, "Our team is well versed in FDIC resolutions, having recently completed two other FDIC-assisted transactions. We continue to make significant investments in people and systems to ensure we have the appropriate infrastructure to support these growth opportunities in a very high quality manner. While we historically stated caution with regard to expansion in these particular markets, the changing competitive dynamics, the stage of the local economic cycle, the protection provided under the FDIC loss share agreements, the favorable financial results of these transactions, and our expanded recruiting network, support our decision to pursue these opportunities. We are very excited to expand our presence in Florida."
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