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IBERIABANK to close or consolidate 22 branches

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IBERIABANK to close or consolidate 22 branches

Lafayette, La.-based IBERIABANK Corp., the holding company of IBERIABANK, plans to close or consolidate 22 branches of IBERIABANK in the second and third quarters.

The 22 branches to be closed or consolidated into existing locations are in addition to the branch consolidations already planned in relation to the acquisition of Gibraltar Private Bank & Trust Co. Since the end of 2014, IBERIABANK Corp. has opened or acquired 81 branches and closed or consolidated 53 branches, excluding the 22 branches. As a result of these actions, IBERIABANK Corp. will operate in 296 locations across the Southeast region.

The closures are expected to be completed by the end of the third quarter, providing an improvement to annual run-rate operating expense by over $8 million on a pre-tax basis once the branches get sold or closed.

IBERIABANK Corp. expects to realize an incremental $2 million reduction in non-interest expense in the fourth quarter. Total expenses associated with the branch closures are expected to be about $12 million in non-core charges, of which $7 million is expected to be recognized in the second quarter and $5 million in the third quarter. IBERIABANK Corp. expects to earn back the total expense of the branch consolidations within a two-year period through non-interest expense reductions.