LAFAYETTE, La., Nov. 9 /PRNewswire-FirstCall/ -- IBERIABANK Corporation , the holding company of the 120-year-old IBERIABANK (http://www.iberiabank.com/) and Pulaski Bank and Trust Company (http://www.pulaskibank.com/), announced today that the Company has raised $25 million through a trust preferred securities offering which closed on November 9, 2007. The trust preferred securities were issued by newly established subsidiaries of the Company, IBERIABANK Statutory Trust VI and VII, Delaware statutory business trusts. The trust preferred securities are expected to qualify as Tier I capital for regulatory purposes and will bear a blended interest rate equal to three-month LIBOR plus 2.64%. The securities are redeemable by IBERIABANK Corporation in whole or in part after five years, or earlier under certain circumstances. The Company intends to use the net proceeds from its trust preferred securities offering to provide funding for various business activities, primarily internal growth.
Daryl G. Byrd, President and Chief Executive Officer of IBERIABANK Corporation stated, "The trust preferred securities we issued today provide an excellent source of capital for our growing company. We believe the favorable treatment of the trust preferred securities as regulatory capital further enhances the strength of our Company."
IBERIABANK Corporation is a multi-bank financial holding company with 140 combined offices, including 80 bank branch offices in Louisiana, Arkansas and Tennessee, 28 mortgage offices in eight states, and 32 title insurance offices in Arkansas and Louisiana.
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.
Actual results could differ materially because of factors such as our ability to execute our growth strategy, risks relating to the integration of acquired companies that have previously been operated separately, credit risk of our customers, sufficiency of our allowance for loan losses, changes in interest rates, reliance on the services of executive management, competition for loans, deposits and investment dollars, reputational risk and social factors, changes in government regulations and legislation, geographic concentration of our markets, rapid changes in the financial services industry, and hurricanes and other adverse weather events. These and other factors that may cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission, available at the SEC's website, http://www.sec.gov/, and the Company's website, http://www.iberiabank.com/. All information in this release is as of the date of this release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
