IberiaBank Buys Up 2 Failed Banks With FDIC's Help

Law360, New York (November 16, 2009, 5:48 PM EST) -- IberiaBank Corp. has snapped up the assets of two Florida-based failed financial institutions with the help of the Federal Deposit Insurance Corp., a move it said would grow its franchise by 45 percent.

Lafayette, La.-based IberiaBank said it had entered into purchase and assumption agreements with loss share arrangements with the FDIC to purchase $3.1 billion in assets and to assume certain deposit and other liabilities of Orion Bank and Century Bank FSB.

According to a filing with the U.S. Securities and Exchange Commission, the two...
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