Banking: IberiaBank to merge subsidiaries
US banking holding company IBERIABANK Corporation is to merge its two financial subsdiaries.
The method of merger will be that IBERIABANK will take over IBERIABANK fs, a thrift organisation.
The regulatory effect will be that the merged entity will be regulated by the Federal Reserve and the Louisiana state regulator, the Office of Financial Institutions. The present regulation of the junior entity will then fall to those regulators with the Office of Thrift Supervision falling out of the picture.
Daryl G. Byrd, President and Chief Executive Officer of IBERIABANK said "We maintain excellent relationships with all of our regulatory agencies, but this action will enhance the operating efficiency of the regulatory review process."
The end-result is the the enlarged single entity will have a single charter - that will reduce operating costs, including compliance and risk management costs. There will be, at the conclusion of the process, a single brand operating across 140 branches in Louisiana, Arkansas, Tennessee, Texas, Alabama and Florida.
Download PDF version of this page