The acquisition of Louisiana banking giant Whitney Bank by Hancock Holding Corp. of Mississippi has prompted a new nickname for Lafayette-based Iberiabank: ‘Big dog on the block.’
Associated Press business writer Alan Sayre writes in a column published Monday that the new Whitney-Hancock combo will mean the exodus of the last of the “classic” Louisiana-based banks, making room for IberiaBank to take the top spot.
Sayre points out that the Whitney-Hancock union also outlines a potential future trend of community banks having a larger presence in the industry, which could mean more mergers to increase their pull in lending:
After Whitney loses its separate identity, the big dog on the block in Louisiana appears to be Lafayette-based Iberiabank, which has a smaller, but feisty rival in its back yard, MidSouth Bancorp.
More combinations in the South are inevitable, banking analyst Michael Rose of Raymond James said recently, with Hancock-Whitney likely pointing the way to a new era of mergers and acquisitions following big loan problems in the region and new federal capital requirements.
Sayre noted that IberiaBank has acquired four failed banks since the banking meltdown, three in Florida and one in Alabama with the backing of the Federal Deposit Insurance Corp., which committed to sharing any loan losses. Read more about the Lafayette-based bank in thisIndependent WeeklyNovember 2009 cover story.
Frank’s Casing Crew, now doing business as Frank’s International, will make its final appearance on ABiz’s list of the Top 50 Privately Held Companies in Acadiana this year, and once again, it will likely be at the top with more than $1 billion in annual revenues. The 75-year-old company specializing in tubular fabrication and installation services to the oil and gas industry plans to go public this year.
The defeat, or rather highjacking of House Bill 420 in the final days of this year's Legislative Session, say Reps. Vincent Pierre and Terry Landry, is the result of the propaganda spread by one unidentified local media outlet and an unnamed former state Representative, but nothing to do with the original legislation's lack of checks, balances or details.
He’s a singer. A songwriter. A piano man. A family man. He’s even got his own Wikipedia entry. He’s David Egan. And he knows ancient secrets about the monolithic stones of Stonehenge that he’s not willing to share.