Whitney got into trouble when it expanded into Florida amid a housing bubble that later and spectacularly collapsed, leaving the New Orleans-based Whitney with a slew of bad loans. The bank later took $300 million from Treasury’s Troubled Asset Relief Program, designed to prop up failing banks as the U.S. financial crisis worsened in late 2008.
One stipulation of TARP was that executives at banks taking the financial assistance are prevented from accepting severance packages. But because Whitney is merging with Hancock, which did not participate in TARP, Whitney execs may be eligible for the severance payouts, even though many of them were behind the bad decisions that landed the bank in trouble in the first place. The severance packages would likely be three times an exec’s “average gross income for the highest of three of the past five calendar years.”
The story has outraged Whitney shareholders, who are also learning that a second bank — identified by the Times-Pic as Lafayette-based IberiaBank — made overtures to Whitney about a merger. IberiaBank has shown robust growth over the last two years and has become the second-largest Louisiana-based bank behind Whitney. And while IberiaBank initially chose to participate in TARP, it later returned the money to feds.
Read more about the Whitney execs’ possible golden parachutes here.
A story on the merger that didn’t happen with IberiaBank can be found here.
It will be next month before Gov. Bobby Jindal will likely get a chance to change the membership of a South Louisiana flood board that is suing dozens of oil, gas and pipeline companies.
Newly established honor recognizes outstanding local attorneys; Neuner and McGoffin win President's Award; and Blanchard named Outstanding Young Lawyer.
Daily paper constructing new digs near production plant on Rieger Road at Siegen Lane, near I-10.
Investigation finds Arnaud’s Furniture, Carroll Building Specialties and Crazy Charlie’s Shoes running misleading going-out-of-business sales.
Critics say workers and retirees are being held responsible for the Jindal administration's mismanagement of their program.
Potenza Marketing makes fastest-growing companies list.
Local 101 class Friday
“Byzantine” is the word members of the nominating committee for the local flood protection authority often use to describe the complicated, multi-layered matrix of qualifications that must be met to fill a vacancy on that board.
In the Pelican State, Benjamin Franklin buys you about $109 worth of stuff.
Brittan Bush joins Liskow & Lewis, Blake David installed as the Third District Member of the Louisiana State Bar Association’s board of governors, and Simien & Miniex announces 2014 scholarship winners.
“In some cases, we’ve found that these parts are nothing more than used junk yard parts. In others, we’ve found them to be foreign knock-off parts of questionable quality.”
The old Daily Advertiser building on Jefferson Street is being rehabbed as the owner prepares to move it back into commerce.
Its fourth leader gone after two years on the job, the facility struggles to balance the tension between its two missions.
Hub City Cycles hits the ground running through small-business center opportunity.
The future of the coastal loss lawsuit could rest in hands of board’s nominating committee.
Leaders from the local tech community ponder the question: What's missing from Acadiana's tech ecosystem?
AT&T’s U-verse heads our way. Here’s what it means for you.
LITE’s virtual environments are changing the way local employees learn how to do their jobs.
Local tech gurus will go the distance to call Lafayette home.
A look at recent hires, promotions and other news from Acadiana's business community.
New Johnston Street eatery catapults to No. 1 spot in nearly 200-location chain.
By identifying companies that match the output of its post-secondary educational institutions, Lafayette is creating opportunities that keep highly trained graduates in the area.
Gideon’s Promise lauds G. Paul Marx’s work to improve the quality of indigent defense and helps train five new public defenders.
What will INNOV8 4.0 look like?
Courtesy Ford is honored; EatLafayette fêtes itself