IBERIABANK Corporation priced an offering of 5.2 million shares of its common stock at $57.75 per share, raising gross proceeds of $300 million. The bank said that after offering expenses and commissions, the net proceeds would be approximately $286 million.
IBERIABANK Corporation said that it would use the proceeds for general corporate purposes including possible acquisitions. The bank has purchased several failed banks during the past 12 months, including Orion Bank of Naples, Florida, CapitalSouth Bank of Birmingham, Alabama, and Century Bank FSB of Sarasota, Florida.IBERIABANK Corporation usually enters a loss sharing agreement with the Federal Deposit Insurance Corporation (FDIC) to assist in the purchase.
IBERIABANK Corporation has performed well during the recession and financial crisis, reporting net income of $106 million, or $5.23 per share, for the fourth quarter of 2009. This was up from the $7.7 million, or $0.57 per share, in the same quarter of 2008.
IBERIABANK Corporation is a financial services corporation with 136 branches in six states, including Alabama, Tennessee, Arkansas, Texas, Louisiana and Florida. The bank also owns a title insurance and mortgage origination business.