Louisiana-based Iberiabank Corporation has decided to merge its two financial subsidiaries Iberiabank fsb and Iberiabank, in the best interests of its constituents, changes in the banking industry and recently enacted legislation and financial regulatory reform.
Iberiabank fsb, a federally-chartered thrift regulated by the Office of Thrift Supervision (OTS), will be merged into Iberiabank, a commercial bank regulated by the Federal Reserve and the Louisiana Office of Financial Institutions.
Iberiabank Mortgage, currently a wholly-owned subsidiary of Iberiabank fsb, will become a wholly-owned subsidiary of Iberiabank.
Iberiabank president and CEO Daryl Byrd said that the merger of these two subsidiaries will enhance the firm’s client experience and operating flexibility while maintaining focus on high-quality local decision-making.
Following completion of the systems conversion, commercial and retail bank clients will have access at all 140 Iberiabank branch locations throughout the franchise, including Louisiana, Arkansas, Tennessee, Texas, Alabama and Florida.
The bank expects that the recently enacted legislation will provide future branch expansion flexibility consistent with benefits the thrift subsidiary enjoyed under the OTS charter. By operating under one brand name, the company believes enhanced branding opportunities exist as well.
The merger of the subsidiaries is expected to be effective in early October 2010.