Walter Pierce

Local bank widens foot print on Gulf Coast

by Walter Pierce

Add 10 more bank branches to IberiaBank's ever-expanding presence in the southeast. The bank has taken over CapitalSouth Bank after the Birmingham, Ala., bank failed on Friday. Ten former CapitalSouth branches in Alabama and Florida now bear IberiaBank branding after the Lafayette-based bank squared away a deal with the Federal Deposit Insurance Corp. over CapitalSouth’s $589 million in assets and $546 million in deposits. The deal now gives IberiaBank 162 branches in 10 states and $6 billion in assets. Based on the Aug. 21 closing stock price, the bank has a market cap of more than $1 billion.

CapitalSouth is the 80th bank to fold this year in the United States. Its failure will cost the FDIC’s insurance fund $151 million.