IberiaBank is reporting a 41 percent drop in second quarter earnings over the same period last year due to one-time acquisition expenses and the settlement of two class action lawsuits filed over the bank’s overdraft policy.
According to a press release, the company earned $5 million (18 cents a share) for the second quarter of 2011, down from a profit of $8.7 million, or 33 cents per share, at the end of the second quarter in 2010.
The Lafayette-based bank attributes the losses to the one-time expenses incurred when it purchased Omni Bank of Metairie and Cameron Bank of Lake Charles. The company also notes that it was party to two class action lawsuits filed over the bank’s “high-to-low sequence (largest transactions first) overdraft policy,” which the plaintiffs claimed is a deceptive practice. The bank says in a release that the overdraft policy is a “widespread practice” in the industry, but to “save the potential expense of protracted litigation and to avoid any misunderstanding with clients, IberiaBank agreed to settle with the parties in these lawsuits, subject to court approval.”
With the acquisition of Cameron and Omni banks, IberiaBank has 259 offices, including 170 bank branches in six states. As of March 31, the financial institution had roughly $10 billion in assets.
Teche Federal Bank, headquartered in Franklin, reported a 2.3 percent profit loss over second-quarter earnings of 2010, down slightly from $1.82 million last year to $1.8 million as of June 30, 2011.
Teche Federal has 19 offices in South Louisiana and reports more than $789 million in assets as of June 30.
Abshire has rejoined the Lafayette Bar Association, where she previously served as marketing coordinator under longtime Executive Director Susan Holliday
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Deadline for submitting noms for annual competition is March 15
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Oh, the irony... or something like that.
The Louisiana Workforce Commission said Friday that initial claims rose to 2,125 from the previous week's total of 1,964. There were 2,887 initial claims during the comparable week in 2013.
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Move is part of company-wide consolidation of residential call centers.
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Stuller’s Danny Clark focuses on satisfied customers and effective employees as he settles in as the company’s president/COO.
Sterling Ford-Lincoln of Opelousas ribbon cutting and the State of the Parish address
Increases in higher-end home sales say a lot about the health of the overall market.
Who joined whom or got promoted?
World-class athlete riding high in custom bike biz.
Setting the record straight on that February story in HuffPo
Liability waivers — what you need to know before you sign