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)

Post from: EveryJoe

IBERIABANK Purchases Failed Bank

In total loses by the FDIC, this was the second largest bank failure of the year. Only IndyMac Bank of California has totaled a larger loss. In all, reported indicate that BankUnited will cost the FDIC nearly $5 billion. IndyMac Bank’s failure had a price tag of more than $10 billion.

This failure is unique in that it was sold to a private investor group for approximately $900 million. That investor group will be led by John Kanas, the former CEO of North Fork Bancorp and will include investor firms including the Carlyle Group, Blackstone Group and Centerbridge Partners.

If you have an account with BankUnited, which was located in Coral Gables, Florida, the FDIC said you can continue using your debit cards and checks like usual. The new bank will under the private investor group will still be called BankUnited.

FDIC (Image: Flickr)

Post from: EveryJoe

Another Failed Bank – BankUnited in Florida