IberiaBank announced it is expanding into Alabama, the fourth state the Lafayette-headquarted bank will now operate in. Currently, IberiaBank has 88 locations in Louisiana, Arkansas and Tennessee. IberiaBank is launching a loan production office in Mobile, Ala. which will become a branch once regulatory approval is obtained. Company officials say plans call for two to five branches in the Mobile region over the next few years. IberiaBank has hired Regions Bank veteran Lawrence “Russ” G. Ford as Executive Vice President for the Mobile region. In a press release issued this morning, IberiaBank President Daryl Byrd says, “We have unique connections to this area, particularly South Alabama. Throughout our company, we believe that having the right people on our team provides a significant competitive advantage.
The expansion comes on the heels of the publicly-traded bank issuing 2.5 million shares of common stock, expected to generate approximately $120 million to go toward funding future acquisitions. In December, the bank also announced it was accepting $90 million in federal bailout money, which may also be used for expansion activity.