IBERIABANK Corporation completes a follow-on public offering of 2,875,000 shares of its common stock at a public offering price of $40.00 per share, including the over-allotment of 375,000 shares exercised by the underwriters. The net proceeds of the offering to the company were approximately $109 million.
Under the TARP program IBERIABANK sold to the United States Department of the Treasury shares of the company’s preferred stock for $90.0 million and a 10-year warrant to purchase up to 276,980 shares of the company’s common stock at an exercise price of $48.74 per share, for an aggregate purchase price of $13.5 million.
Company believes to be the first TARP CPP participant with a 50% reduction in the number of shares underlying the warrant.
We have historically proven our ability to grow our company through both internal client growth and through strategic acquisitions, says Daryl G. Byrd, president and chief executive officer. We believe our strong capital position solidifies our ability to continue to service the credit needs of our clients, acquire new high quality clients, and expand our footprint in existing and new markets primarily through acquisitions, including FDIC-assisted acquisitions similar to our acquisition of ANB Financial in May of this year. We believe our objectives in this regard are very consistent with the intent and spirit of the TARP CPP.
L.D.