Iberiabank floundering in Arkansas - Many branches to close

IberiaBank Northeast Arkansas market president Paul Hutcheson said Friday that in the 32 years he has been in the banking industry, there have been a lot of changes. Those changes, especially in technology, caused the bank to announce the closing of six branches in Northeast Arkansas effective in mid-March.

The branches to be closed are in Highland, Imboden, Corning, Lake City, Hoxie and Tuckerman, content partner KAIT reported Thursday night.

The bank also announced Friday that branches in Fayetteville, Little Rock and Springdale will be consolidated in March as well.

The Elm Springs Road branch in Springdale will be consolidated into the branch on East Robinson Road, while the operations at the Mission Branch in Fayetteville will move to the branch on West Wedington Street. The bank on Markham Road in Little Rock will be consolidated into the Pulaski Heights branch on R Street, officials said.

Hutcheson said the bank began looking and evaluating the local market late last year. The look showed a change in the way people do their banking.

“32 years ago, they said we were going to a cashless society. I thought they were crazy,” Hutcheson said, noting he has family members who use nothing but plastic.

Hutcheson said the technology trend is a trend that all banks are facing, noting bank officials faced some tough decisions. Right, but no other bank is closing branches all over the country like Iberiabank is.

Iberiabank closes eight branches in Louisiana

Over year after IberiaBank announced the acquisition of Teche Holding Co., the Lafayette-based company is closing eight branches.

KATC reported the closures, which include three branches in Acadiana, Tuesday afternoon.

Local closing branches include the Abbeville location on Memorial Drive, the New Iberia Branch on St. Peter Street and the branch in downtown Lafayette, the news station reported.

IberiaBank CEO Daryl Byrd confirmed the company’s plans to close eight branches in 2015, but did not disclose where.

The company is also closing branches in Monroe, Montgomery, Alabama and a branch in Florida, IberiaBank spokeswoman Beth Ardoin told KATC.

IberiaBank’s $161 million acquisition was announced in January 2014. In October the company purchased 13 Florida Bank Group branches for $87 million.

A sure sign of a failing bank.

Iberiabank issues $75M in stock to stay in business

The bank plans to use the proceeds for general corporate purposes, including possible acquisitions such as potential FDIC-assisted transactions. Iberiabank may also use the proceeds for working capital and for investments in subsidiaries to support continued growth.

In other words, they need to raise some cash fast and closing branches has not helped the hole the have in their bucket.

Iberiabank acquires Georgia Commerce to keep investors from pulling out

The decline in oil prices has got those investing in banks worried, but IberiaBank investors have little to be concerned about, the company says. IberiaBank issued a press release last week to waylay investor fears.

In recent years, Iberia Bank has moved away from energy lending and is continuing to expand. As of September 30, 2014, the bank’s energy loans only accounted for 7.6 percent, or about $840 million, of its total outstanding loans. Six months prior, that number had been 8.4 percent, indicating a downward trend. The vast majority of loans issued by the company since the end of 2011 have not been energy related.

Though there are energy loans past due with the bank, they value at a mere $36,410, just .004 percent of the $840 million total for outstanding energy lending.  A sinking ship.

IBK Subsidiary Rallies Against Toad Suck Daze Festival in Arkansas

     An Iberiabank subsidiary in Arkansas, Lenders Title, has signed a petition to move Toad Suck Daze, a long standing festival in downtown Conway, AR, from it's longtime downtown location.  The festival brought more that 150,000 visitors to the downtown area for the event this year.  Tom Poe, the local office manager ranted on the local CBS news affiliate about children's rides being too close to his location and complained that employees had to walk to get to work on the weekend.  Shame on Poe and Iberibank for not supporting this family oriented event and being a kiddie ride hater.  On the Facebook site of the TV station, Conway area residents are calling for a boycott of Lenders Title and calling Poe a "hater",  a "crotchety old man" and a "whiner".  Call Lenders Title Chief Operating Officer Tina Bradford at 501-225-3519 to tell Iberiabank and Lenders Title Company to let the kiddos have their ride!


Source:
 http://www.thv11.com/story/news/local/2014/06/08/petition-to-move-toad-suck-daze-festival-creating-controversy/10216173/

Iberibank Looses Legal Battle To Take Family Legacy Property

IberiaBank alleged that the Debtor filed the case to hinder, delay, or defraud IberiaBank in its efforts to enforce its rights against the Property, and also contended that the Debtor has proposed a Chapter 11 Plan that could not be confirmed. For these reasons, IberiaBank asserted that the case was filed and prosecuted in bad faith, and should be dismissed pursuant to §1112(b) of the Bankruptcy Code.

The judge dissagreed and ruled in favor of the Florida customer.


http://pacer.flmb.uscourts.gov/pdf-new/56485593.pdf

Iberiabank Settles Overdraft Fee Lawsuit

November 8, 2013 UPDATE: Supplemental settlement awards, to disburse the remaining Settlement Funds, were mailed to eligible Class Members who previously received an award.

https://www.iberiabankoverdraftsettlement.com//Documents/Final%20Judgment.pdf


Source:  https://www.iberiabankoverdraftsettlement.com//