Lafayette-based IberiaBank made the best of a sticky situation when after three months of negotiations, it lost a major bid to purchase Whitney Bank. Capitalizing on Whitney’s merger with Mississippi-based Hancock Bank, which swooped in at the 11th hour and outbid Iberia, IberiaBank has been advertising for months that the June 4 merger of Hancock and Whitney makes IberiaBank the “oldest and biggest” bank in the state.
But according to a report from The Times-Picayune, Hancock’s CEO Carl Chaney says not quite.
With $11.8 billion in assets, Whitney in its pre-merger status held the long-running title of being the largest bank in the state. But on May 31, IberiaBank’s assets increased from $10 billion to $12 billion when it purchased Lake-Charles based Cameron Bank and Omni Bank of Metairie.
While Iberia worked to quickly take over its two latest acquisitions, Whitney was in the process of combining its assets with those of Hancock, headquartered in Gulfport, Miss. Chaney, however, says since Whitney is keeping its name in Louisiana even after the merger, Whitney still holds a solid lead over Iberia:
By Chaney’s logic, since Whitney Bank remains a state-chartered institution based in Louisiana, it retains the title of largest local bank.
“They were, temporarily, the largest Louisiana-chartered bank,” Chaney said of Iberia. “But as of this weekend, Whitney Bank is the largest Louisiana-chartered bank by a decent margin.”
Iberia doesn’t buy any of this, because Whitney is now merely a subsidiary of Hancock, a financial institution based in Gulfport, Miss. But at 124 years old, Iberia says there’s no debate that it’s the oldest bank based in Louisiana and maintains that it is also still the largest bank headquartered in the state.
Iberia also touted that fact that its recent acquisitions, Omni and Cameron, will be fully integrated in seven months, while its major competitor, Hancock, will be distracted by the Whitney merger for some time to come. “A rapid and smooth consolidation allows us to remain focused on serving clients and to continue to grow, while some of our local competitors are distracted by converting operating systems (which will take at least a year), cutting headcount, moving employees and core operations out of state and cleaning up credit issues,” the company said.
Read more on the biggest bank dispute here.
For more on IberiaBank’s role in the Whitney-Hancock merger, click here.
The state labor department figures released Friday show the initial claims decreased to 1,961 from the previous week's total of 2,237. For the comparable week a year earlier, there were 2,190 claims.
Hurry, rush to Jersey’s Daiquiris Sports Bar in Broussard for a cold one because at noon tomorrow its license is suspended for two months by the state!
The feds say Donald Domingues reported $259,725 as income and paid $64,909 in taxes but he allegedly failed to mention a $351,000 sales commission, which would have bumped his income up to just over $610,000 and his tax liability to $186,000.
Year-to-date sales are outpacing 2013 by 4.7 percent.
“The connector is a crucial part of the larger I-49 South project from Lafayette to New Orleans that would convert U.S. 90 into an interstate-quality roadway.” — U.S. Sen. Mary Landrieu
Despite what was said at a coastal forum in New Orleans last month, oil and gas insiders contend a settlement is not in the stars for the massive lawsuit filed against nearly 100 energy companies by the Southeast Louisiana Flood Protection Authority-East.
Environmentalists, fishermen and others are celebrating a federal judge's ruling that could mean $18 billion in additional fines for BP over the nation's worst oil spill.
St. Louis-based Perficient Inc. says it will establish a software development center in Louisiana that is expected to create 245 jobs.
U.S. District Judge Carl Barbier's ruling Thursday could nearly quadruple the amount of civil penalties for polluting the Gulf of Mexico with oil from BP's Macondo well in 2010.
Co-founder Ryan Trahan goes solo to keep it local.
Halliburton's agreement to pay more than $1 billion to settle numerous claims involving the 2010 BP Gulf of Mexico oil spill could be a way for the company and victims of the spill to avoid years of costly litigation — if all the pieces fall into place.
BP says it recently obtained correspondence between Patrick Juneau's Lafayette law firm and the Gulf Coast Claims Facility showing he argued for liberal compensation, flexible documentation requirements and other terms that would help Louisiana claimants at BP's expense.
A replacement is expected by January to fill the vacancy left when Greg Roberts resigned after allegedly pointing a fake gun at an engineer during a June meeting.
Halliburton says it has agreed to pay $1.1 billion to settle a substantial portion of plaintiff claims arising from the 2010 Gulf of Mexico oil spill.
The Houston firm said Friday in its weekly report that 1,575 rigs were exploring for oil and 338 for gas. One was listed as miscellaneous. A year ago there were 1,776 active rigs.
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.