Lafayette-based IberiaBank Corp. is bulking up for more potential bank acquisitions.
Shareholders approved its plan Tuesday to increase its shares of common stock to 100 million from 50 million shares. Stock often is used in making acquisitions.
IberiaBank, which has grown to be the largest bank headquartered in Louisiana, has averaged at least two acquisitions a year for the past several years.
In fact, it announced the completion Tuesday of its purchase of Old Florida Bancshares Inc. and its subsidiary banks based in Orlando, Florida.
“Our tremendous organic and acquisition growth opportunities stand in stark contrast to the many challenges that faced much of our industry,” Daryl G. Byrd, president and chief executive officer, said Tuesday of the increase in stock. “We believe the approval of this proposal demonstrates the support of our shareholders in our company’s high-quality expansion opportunities and strategic direction.”
Of the 50 million shares it has, about 38 million have been issued, including those issued in association with the Florida bank acquisitions.
The financial holding company has 314 combined offices, including 216 bank branch offices and three loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas and Florida; 23 title insurance offices in Arkansas and Louisiana; and mortgage representatives in 63 locations in 10 states. The company has eight locations with representatives of Iberia Wealth Advisors in five states, and one Iberia Capital Partners LLC office in New Orleans.