LAFAYETTE [AP] — Iberiabank Corp. plans to raise $140 million in a public offering of common stock.
The regional bank plans to use the money for possible future acquisitions, general corporate purposes, working capital and investment in its subsidiaries.
Based on Monday's closing price of $40.68, Iberiabank would need to sell about 3.4 million shares of common stock to raise $140 million.
Underwriters will have a 30-day option to purchase an additional $21 million in stock to cover overallotments.
Iberiabank, based in Lafayette, received $90 million as part of the government's $700 billion bank investment program, aimed at unfreezing stagnant credit markets. One of the repayment requirements is to complete a capital raise without government assistance.
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