|Photo by Robin May
Two regional banks anchored in Lafayette are making notable leaps into the Houston banking market.
By Heather Miller
July 26, 2012
IberiaBank’s loan portfolio in the Houston market as of the end of 2011 is more than eight times larger than it was at the end of 2009, and by the end of 2013 Houston will have five new MidSouth Bank branches lining its streets.
According to a recent report from the Houston Business Journal, Lafayette-based IberiaBank reportedly grew its loans in the Houston area from $60 million at the end of 2009 to $540 million by year-end 2011, growth that IberiaBank execs expect to continue as the bank opens more branches and explores acquisitions in the Houston market.
“It has not slowed down at all: In fact, it has accelerated,” Kevin Rafferty, executive vice president and South Texas regional president of Iberia, tells the Houston Business Journal.
Meanwhile, the Houston Business Journal reports that MidSouth Bank, also headquartered in Lafayette, plans to open five new branches in the Houston area over the next 18 months. MidSouth’s goal of expanding in Houston was no secret, but before recently, “that had only been an idea on paper,” the Journal notes.
IberiaBank is slated to soon complete the acquisition of Florida Gulf Bank in a $43.7 million deal that — pending Florida Gulf shareholder approval — will mean the addition of eight offices in the Fort Meyers-Cape Coral market, $376 million in assets, $248 million in loans and $302 million in deposits for IberiaBank.
Lafayette-based MidSouth Bank announced June 12 the acquisition of two new bank locations in Baton Rouge, which pending regulatory approval will double MidSouth’s presence in the capital. The bank purchased the former Hancock branch on Sherwood Forest Boulevard and the former Whitney branch on Jones Creek Road. MidSouth hopes to reopen those locations in September and October, respectively.