Iberiabank Corp. doubles assets, eyes more

Lafayette-based Iberiabank Corp. has more than doubled its assets through acquisitions since 2009, and it does not intend to stop there, the American Banker reports. In a presentation to investors posted on the bank’s website Wednesday, the $11.5 billion-asset company says it’s committed to organic growth and intends to continue eyeing acquisitions of both failed and existing banks from Virginia to Texas. Since August 2009, Iberiabank has acquired five failed banks—including four in Florida—and two healthy banks, and it now has more than 170 branches in Louisiana, Texas, Arkansas, Florida, Tennessee and Alabama. In its investor presentation, the company predicted that as many as 200 more banks could fail in the Southeast over the next few years and that a number of “live” banks will be looking to sell out due to “board and management fatigue.” Iberiabank told investors that it intends to “participate in situations that fit” and that it would only consider acquisitions of banks in metropolitan markets. In the same presentation, the company also laid out an ambitious plan to improve its efficiency and increase its returns to shareholders. Specifically, it said it has been authorized to buy back up to 3% of its outstanding shares in 2012 to go along with a recently completed buyback that Morgan Keegan analyst Ebrahim Poonawala predicts will add seven to nine cents to earnings per share. You can read the full article here, but note subscription is required.