IBERIABANK Corp. released a statement detailing its loan exposure to industries in its service area that have been impacted by the explosion of the Deepwater Horizon drilling rig and subsequent oil spill.
The oil spill has led to the closure of fishing grounds in the Gulf of Mexico, which impacts the fishing and seafood industries. IBERIABANK Corporation said that the bank had only $10,000 of net loans outstanding as of 5/31/2010 to these industries.
The oil spill has also led to reluctance by tourists to visit vacation areas on the Gulf Coast, which impacts the seasonal tourist industry. IBERIABANK Corporation said that the bank has no loans outstanding to this industry, and has no branch locations in the Florida Panhandle or on the coastal areas of Alabama.
IBERIABANK Corporation said that the bank has 38 branches in other parts of Florida, but that the loan portfolio in that area was covered under a loss sharing agreement with the Federal Deposit Insurance Corporation (FDIC).
IBERIABANK Corporation said that the oil spill directly impacts the energy industry as oil services are reduced due to the moratorium on deepwater offshore drilling. The bank had $183 million in loans outstanding to this industry as of 5/31/2010.
For more information on the bank, go to www.iberiabank.com