by Max Brantley
LAFAYETTE, LOUISIANA -- IBERIABANK Corporation (NASDAQ: IBKC) announced it will change the name of Pulaski Bank and Trust Company (www.pulaskibank.com), to “IBERIABANK fsb.” New signage on this subsidiary’s banking facilities and literature will carry the moniker, “IBERIABANK fsb.” The name change of the bank is expected to be effective on May 4, 2009.
The Company has also decided to change the name of Pulaski Mortgage Company, a subsidiary of Pulaski Bank, to “IBERIABANK Mortgage Company.”
The name changes provide common branding across the Company’s rapidly expanding footprint. Recent growth opportunities in nine states have been achieved through acquisitions and de novo expansion. On January 31, 2007, the Company acquired Pulaski Investment Corporation, the holding company for Pulaski Bank and Trust Company, based in Little Rock, Arkansas. The next day, the Company acquired Pocahontas Bancorp, Inc., the holding company for First Community Bank, based in Jonesboro, Arkansas. On May 9, 2008, the Company acquired certain assets and assumed certain liabilities of ANB Financial, N.A., based in Bentonville, Arkansas. The Company has recently recruited commercial banking teams in Baton Rouge, Louisiana, Memphis, Tennessee, Mobile, Alabama, New Orleans, Louisiana, and Houston, Texas. The Company intends to open full-service offices in Mobile and Houston under the “IBERIABANK fsb” name.
Daryl G. Byrd, President and Chief Executive Officer of the Company commented, “Our assimilation of the three Arkansas-based financial institutions has progressed extremely well. We have retained and recruited talent and expanded our client relationships as we tripled our distribution system and folded these organizations under the Pulaski name. As evidence of this favorable assimilation, since the time of the first Arkansas acquisition through year-end 2008, loans grew at this subsidiary by $89 million, or 12%. Similarly, deposits grew $149 million, or 15%, over this period.”
Byrd continued, “Expanding our Company under the thrift charter also allows us tremendous flexibility to grow quickly and with great ease into new markets. Our expansion opportunities, such as our most recent in Mobile and Houston, the strong brand image of the IBERIABANK name, the benefits of common brand messaging, and continued growth opportunities in the current environment were the primary catalysts for the name changes. We believe the ‘IBERIABANK fsb’ name will provide clients in those markets a consistent, positive brand message of strength, stability, and local decision-making, while distinguishing the separate corporate and regulatory structures of the two financial institutions. This message is built on a reputation of exceptional service that has been earned by successfully serving clients’ needs for 122 years.”
IBERIABANK Corporation is a multi-bank financial holding company with 150 combined offices in nine states, including 88 bank branch offices in Louisiana, Arkansas, and Tennessee, one loan production office in Alabama, 26 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 35 locations in eight states. The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “IBKC” and the Company’s market capitalization is approximately $780 million, based on the closing stock price on April 2, 2009.