IBERIABANK CORPORATION (NASDAQ:IBKC) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02
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Termination of a Material Definitive Agreement.
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Company), entered into a termination agreement (the “Agreement”)
with the Federal Deposit Insurance Corporation (the “FDIC”) to
terminate IBERIABANK’s twelve loss share agreements with the FDIC
ahead of their contractual maturities. These loss share agreements
were related to IBERIABANK’s acquisition of certain assets and
assumption of certain liabilities of six failed banks through
FDIC-assisted transactions entered into between 2009 and 2011, as
well as two FDIC loss share agreements assumed in connection with
the Company’s acquisition of Georgia Commerce Bank, on May 31,
2015.
20, 2016. Under the terms of the Agreement, the FDIC made a net
payment of $6.5 million to IBERIABANK as consideration for
termination of the loss share agreements. As a result of this
transaction, IBERIABANK expects to record a non-core after-tax
charge of approximately $11.2 million, or 26 cents per fully
diluted common share, during the fourth quarter of 2016, primarily
as a result of the write-offs of the remaining FDIC indemnification
asset and net loss share receivable, net of the payment received
from the FDIC.
loss share agreements, including the clawback provisions and the
settlement of outstanding loss share claims, have been resolved and
completed under the Agreement.
qualified in its entirety by reference to the Agreement itself, a
copy of which is filed as Exhibit 10.1 hereto and incorporated by
reference.
IBERIABANK’s entry into the Agreement with the FDIC. A copy of
such release is furnished as Exhibit 99.1 to this report and
incorporated herein by reference.
information in this Item 7.01, including Exhibit 99.1, is being
furnished and shall not be deemed to be “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section, and shall not
be deemed incorporated by reference into any registration statement
or other document filed to the Securities Act of 1933, as amended,
or the Securities Exchange Act of 1934, as amended, except as shall
be expressly set forth by specific reference in such filing.
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Exhibit Number
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Description of Document
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10.1
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Termination Agreement among the Federal Deposit Insurance
Corporation, in its capacity as receiver of each of Capital South Bank, Century Bank, Orion Bank, Sterling Bank, Creekside Bank and Patriot Bank of Georgia, the Federal Deposit Insurance Corporation and IBERIABANK dated as of December 20, 2016 |
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99.1
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Press release dated December 21, 2016
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About IBERIABANK CORPORATION (NASDAQ:IBKC)
IBERIABANK Corporation is a financial holding company. The Company is the holding company for IBERIABANK, a Louisiana banking corporation; Lenders Title Company, an Arkansas-chartered title insurance and closing services agency; IBERIA Capital Partners, LLC, a corporate finance services firm; 1887 Leasing, LLC, a holding company for its aircraft; IBERIA Asset Management, Inc., which provides wealth management and trust services to high net worth individuals, pension funds, corporations and trusts; 840 Denning, LLC, which invests in a commercial rental property, and IBERIA CDE L.L.C., which invests in purchased tax credits. IBERIABANK offers commercial and retail banking products and services to customers throughout locations in over seven states. It operates over 320 combined offices; over 20 title insurance offices; mortgage representatives in over 70 locations; over eight wealth management locations in over five states, and one IBERIA Capital Partners L.L.C. office in Louisiana. IBERIABANK CORPORATION (NASDAQ:IBKC) Recent Trading Information
IBERIABANK CORPORATION (NASDAQ:IBKC) closed its last trading session down -0.85 at 86.30 with 262,755 shares trading hands.