IBERIABANK Purchases Failed Bank
August 22, 2009 by Stephen Kersey
Filed under Business
IBERIABANK, a bank with more than 120 years of history, has announced that they will be purchasing CapitalSouth Bank — a failed bank that was based in the state of Alabama. CapitalSouth Bank was shut down by federal regulators on Friday.
On Monday, CapitalSouth Bank’s ten branches will be re-opened as branches of IBERIABANK. One this transaction is complete, IBERIABANK will have branches in ten states and a total of more than 160 branches.
“We are delighted to welcome the clients of CapitalSouth Bank to IBERIABANK,” said IBERIABANK Corporation’s President and CEO Daryl G. Byrd. “Just as we exhibited in our successful acquisition of ANB Financial 15 months ago on an FDIC-assisted basis, we will work diligently to ensure a smooth transition of CapitalSouth Bank clients as well. We believe those clients will appreciate the same superior client service that we have delivered to our growing client base.”
If you have a CapitalSouth Bank account, you don’t have to do anything. Your account will automatically become a IBERIABANK account. The Federal Deposit Insurance Corporation will continue to insure all the accounts.
FDIC (Image: Flickr)
