Scott Jordan

IberiaBank acquires nine Arkansas branches

Continuing an aggressive expansion into Arkansas, IberiaBank is taking over nine bank branches in northwest Arkansas this morning. Under terms of an agreement reached last Friday, IberiaBank subsidiary Pulaski Bank and Trust Company in Little Rock, Ark., has reached a purchase agreement with the FDIC and ANB Financial that gives IberiaBank nine branches in a growing region whose population has doubled since the 1990s.

IberiaBank is assuming approximately $213 million in insured deposits, and will purchase $2 million in loans and $46 million of investment securities at market value. In a measure of IberiaBank’s financial strength, no additional capital needs to be raised in connection with the transaction.

In a prepared statement, IberiaBank President and CEO Daryl Byrd noted, “We are excited to continue the expansion of our Arkansas franchise in a very cost effective manner. In a little over a one-year time frame, we have created an exceptional client-focused franchise. Including this acquisition, Pulaski will have approximately $1.6 billion in assets, $1.3 billion in deposits, and $232 million in equity.”

Full details of the transaction are available here in the 5/9 shareholders release.