Daryl G. Byrd, President and Chief Executive Officer, commented this morning, "We have located our key people from our New Orleans franchise. We have expended significant effort over the last few days working to relocate these people and their families. Our intention is to get their personal situations addressed, including providing the comfort and security necessary to rebuild their lives. We are now working energetically, taking care of business with our current clients and addressing the needs of potential clients."
Byrd continued, "Unlike many other banks in the area, our operations center and headquarters were unaffected by the hurricane. We have been up and running throughout the hurricane and the subsequent aftermath. Our people stand ready to serve our clients' needs and we encourage commercial and private banking clients from New Orleans to contact us as soon as possible. We want to help clients get back on their feet as quickly as possible."
In addition to the New Orleans market, IBERIABANK operates 34 offices in Baton Rouge, Shreveport, Monroe, and the Acadiana region of Louisiana. Clients have the option of using the Company's network of 37 ATMs outside of New Orleans, the telephone banking and call center service by dialing (800) 968-0801, and the internet banking service by going to www.iberiabank.com . The deposits of IBERIABANK are insured by the Federal Deposit Insurance Corporation to the full extent provided for by law and regulation.
Byrd continued, "The catastrophic impact of Hurricane Katrina is causing a significant shift in commerce in Louisiana. The population of metropolitan areas surrounding the affected areas expanded very rapidly. Baton Rouge and Lafayette attracted many displaced families, given these communities' quality of life and proximity to New Orleans. We suspect these communities are quickly becoming staging grounds to rebuilding families and businesses. As evidence of this situation, school enrollment opportunities, office space, and quality housing in these communities are being consumed extremely rapidly. With over half of our franchise serving these markets, including our headquarters, and the economic conditions this situation presents, we believe we are favorably positioned."
Byrd continued, "Like everyone watching the devastation of this storm, we were horrified by the destruction and humbled by her unfathomable strength. Our thoughts and prayers go out to our friends and colleagues from New Orleans and to our neighbors in Mississippi and Alabama that were affected by this tragic event."
IBERIABANK Corporation continues to demonstrate tremendous strength. At June 30, 2005, the Company had total assets of $2.7 billion, shareholders' equity of $264 million and a Tier 1 Leverage capital ratio of 7.61%. The Company's common stock trades on the NASDAQ Stock Market under the symbol "IBKC".
To the extent that statements in this press release relate to future plans, objectives, financial results or performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which are based on management's current information, estimates and assumptions and the current economic environment, are generally identified by the use of the words "plan", "believe", "expect", "intend", "anticipate", "estimate", "project" or similar expressions. IBERIABANK Corporation's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. Factors that may cause actual results to differ materially from these forward-looking statements include, but are not limited to, changes in market and economic conditions; changes in interest rates, deposit flows, loan demand and real estate values; competitive pressures; changes in accounting principles, policies or guidelines; changes in the Company's loan or investment portfolio; legislative or regulatory changes; changes in monetary or fiscal policies; military or terrorist activities; litigation costs and expenses; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's business activities and prospects. Factors affecting IBERIABANK Corporation are discussed in the Company's periodic and other filings with the Securities and Exchange Commission, available at the SEC's website, www.sec.gov , and the Company's website, www.iberiabank.com .
SOURCE: IBERIABANK Corporation
CONTACT: Daryl G. Byrd, President and CEO, +1-337-521-4003, or Beth
Ardoin, Executive Vice President, +1-337-521-4701, or John R. Davis, Senior
Executive Vice President, +1-337-521-4005, all of IBERIABANK Corporation