LAFAYETTE, La., Sept. 4 /PRNewswire-FirstCall/ -- IBERIABANK Corporation , the holding company of the 121-year-old IBERIABANK (http://www.iberiabank.com/) and Pulaski Bank and Trust Company (http://www.pulaskibank.com/), provided an update regarding the impact of Hurricane Gustav on the Company's operations in response to recent inquiries from the investment community.
The storm made landfall on September 1, 2008 southwest of New Orleans. The center of the storm proceeded through Houma, New Iberia, and Lafayette, and then meandered slowly through Shreveport, Little Rock, and northeast Arkansas. The area experienced significant rain, localized flooding, wind gusts, storm debris, and interruption of power services. As a result, the storm influenced, in varying degrees, much of the Company's operating footprint. Damage assessment and resumption of services in the impacted communities are currently in progress.
Synopsis of Current Conditions:
-- Associates and Clients. Nearly two million people were evacuated in association with this storm, including many of our clients and associates in the affected areas. These individuals and their families are now beginning to return back to their homes and businesses. The Company maintained communications with its associates and clients throughout the storm, and anticipates a rapid resumption of full services.
-- Facility Structures. While storm and wind damage was prevalent throughout Louisiana and Arkansas, the Company's facilities experienced no significant structural damage as a result of the storm. Pending further review, some minor repair work is currently expected at a few facilities, though no substantial insurance claims are anticipated at this time.
-- Offices. In aggregate, 91% of the Company's office distribution system is currently open for business as usual. This includes 90% of the Company's bank branch facilities, 94% of Title Insurance offices, and 92% of Mortgage locations. Approximately nine of the Company's bank offices in New Orleans, Houma, and Baton Rouge remain closed due to limited entry access and disrupted electrical service to those impacted areas. Approximately 84% of the Company's ATM network is fully operating and serving client needs. The Company anticipates resumption of normal operations at the affected offices and ATMs as power is restored and our associates and clients regain access to those impacted communities.
-- Daily Operations and Processing. The Company continued daily items processing and financial transactions throughout the storm. The Company maintains redundant operations in New Iberia, Louisiana and Little Rock, Arkansas to support seamless client processing in the event of local service disruptions.
Daryl G. Byrd, President and Chief Executive Officer of the Company, commented, "Hurricane Gustav brought significant rain, wind, and anxiety to our region. Clean-up efforts and resumption of commerce will take a little time. They will be completed due to the patience, hard work, and determination of our people in the affected communities. Lessons learned from prior storms, such as Hurricanes Katrina, Rita, and Lilli, provide us an excellent roadmap to a rapid recovery in our region and positive opportunities for our Company."
Byrd continued, "We are fortunate that the robust contingency planning and geographic diversification of our businesses provide us operating strength and continuity during challenging times. I am very proud of the teamwork demonstrated by our people and the care exhibited for our clients throughout this process. We stand ready to assist our clients in meeting their financial needs after the storm."
IBERIABANK Corporation
IBERIABANK Corporation is a multi-bank financial holding company with 156 combined offices, including 88 bank branch offices in Louisiana, Arkansas, and Tennessee, 32 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 36 locations in eight states. The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC" and the Company's market capitalization is approximately $700 million.
