IBERIABANK Corporation has entered into definitive agreements with certain institutional and other accredited investors with respect to the private placement of 576,923 shares of newly issued common stock, for a total purchase price of USD30 million. Stifel, Nicolaus and Company, Inc. and Howe Barnes Hoeffer and Arnett, Inc. acted as co-placement agents for the offering which is expected to close early next week.
“We are pleased with the private placement we announced today,” says Daryl G. Byrd, the President and Chief Executive Officer of IBERIABANK Corporation. “We believe proceeds from this offering will complete an essential capital raising activity related to our acquisition of Pulaski Investment Corporation, pending customary required approvals of regulatory agencies and the shareholders of Pulaski Investment Corporation. Our capital position has improved significantly over the last few quarters and was bolstered further with the successful completion of a USD15 million trust preferred offering on 31 October 2006.”
The Company currently anticipates completion of the pending acquisitions of Pulaski Investment Corporation and Pocahontas Bancorp, Inc. near the end of the year.