Pruning: IberiaBank, the largest bank headquartered in Louisiana, is shutting down or consolidating 22 of its branches, according to a company news release. NOLA.com reports the closures include seven branches in Louisiana and one in the Baton Rouge area on Sherwood Forest Boulevard. The branch shutdowns, says the bank’s statement, are part of a long-term strategy to enhance the value of the franchise and improve operating efficiency. The closures should be finished by the end of the third quarter of this year, and the company expects to earn back the $12 million cost of closing branches through reduced operating expenses within a two-year period. The 22 branches to be closed are part of consolidations planned in relation IberiaBank’s acquisition of Gibraltar Private Bank and Trust. Since the end of 2014, the Company has opened or acquired 81 branches and closed or consolidated 53 branch locations. Read the news release.
Tax-free: Louisiana’s Hurricane Preparedness Sales Tax Holiday is set for this Saturday and Sunday, and all disaster supplies will be subject to only a 3% state sales tax instead of the regular 5%, WAFB-TV reports. The discount only applies for the first $1,500 of the purchase price for self-powered radios and lights, tarps, fuel tanks, batteries, phone chargers, coolers, portable generators, storm shutters and reusable freezer packs. See the full list of tax discounted items.
FEMALE CEOs: The number of female Fortune 500 CEOs has dropped to 24 in this year’s rankings, a 25% decline from the all-time high of 32 last year. One reason is a dozen female CEOs leaving their jobs over the past year, Fortune reports, including: Staples CEO Shari Goodman, Mattel CEO Margo Georgiadis, Yahoo’s Marissa Mayer, CST Brands’ Kim Lubel, CH2M Hill’s Jackie Hinman, Campbell Soup’s Denise Morrison, Hewlett Packard Enterprise CEO Meg Whiteman, Mondelez CEO Irene Rosenfeld, Avon’s Sheri McCoy, Ingredion’s Ilene Gordon, Sempra Energy’s Debra Reed, and Reynolds American’s Debra Crew. See the full story.
