SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 18, 1994
(August 16, 1994)
Hibernia Corporation
(Exact name of issuer as specified in its charter)
Louisiana 1-10294 72-0724532
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
organization)
313 Carondelet Street, New Orleans, Louisiana 70130
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (504) 533-5332
Item 5. Other Events.
On August 16, 1994, the Registrant announced that it had
agreed to merge with First State Bank and Trust Company,
headquartered in Bogalusa, Louisiana, subject to the satisfaction
of certain conditions, including receipt of required regulatory
approvals.
EXHIBIT INDEX
Exhibit Page
Number Description Number
28.19 News Release issued by the Registrant
on August 16, 1994 2
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
HIBERNIA CORPORATION
(Registrant)
Date: August 18, 1994 By: /S/ RONALD E. SAMFORD, JR.
Ronald E. Samford, Jr.
Chief Accounting Officer
EXHIBIT 28.19
NEWS RELEASE - HIBERNIA CORPORATION
For Additional Information: For Release:
MEDIA INQUIRIES: IMMEDIATE
Jim Lestelle, Manager August 16, 1994
Corporate Communications
Office: (504) 533-5482
Home: (504) 488-8826
INVESTOR INQUIRIES:
Linda Meche, Manager
Finance & Investor Relations
Office: (504) 533-2180
Home: (504) 832-3604
HIBERNIA AGREES TO MERGE WITH FIRST STATE BANK AND TRUST,
EXPANDING ITS OFFICE NETWORK TO NEW NORTHSHORE MARKET
NEW ORLEANS -- Hibernia Corporation announced today it has
signed a definitive agreement to merge with the $148-million-asset
First State Bank and Trust Company, headquartered in Bogalusa.
At 34%, First State has the largest deposit market share in
Washington Parish, a new market for Hibernia located north of New
Orleans, and five offices: three in Bogalusa and one each in
Franklinton and Varnado. In St. Tammany Parish in suburban New
Orleans, First State has one branch in Covington and one in
Mandeville. The transaction will increase Hibernia's deposit share
in that parish from 20% to 22%.
Shareholders of First State Bank and Trust would receive
approximately 33.5 shares of Hibernia stock for each share of First
State stock in a tax-free pooling of interests. Based on
Hibernia's Monday closing price of $8.50 per share, the transaction
would be valued at approximately $28.5 million. It is subject to
approvals by regulators and First State shareholders and should be
completed in early 1995.
"First State Bank has served Washington and St. Tammany parish
customers well for almost 90 years," said Charles J. Cassidy,
chairman and chief executive officer of First State. "When the
merger is complete, they'll have access to the kind of banking
convenience and services that only Hibernia offers. We're very
enthusiastic about this affiliation."
"In addition to agricultural, manufacturing and other kinds of
lending that have helped our region grow and prosper, Hibernia will
offer services not available from banks in Washington Parish,
including personal-computer-based cash management for small
businesses, investment and asset-management services, extended
office hours and Saturday banking," said Charles M. (Mike) Cassidy,
president of First State.
Hibernia president and CEO Stephen A. Hansel acknowledged the
strong emphasis that Cassidy and First State employees have placed
on customer service. "There's no substitute for hometown bankers
who know their customers and provide fast solutions. Decisions
that affect customers and their communities -- including lending,
service and corporate citizenship -- will continue to be made in
the communities served by First State."
First State customers will not see any changes for a number of
months. Only after the bank is converted to Hibernia's operating
systems would checks, signs and forms change. Until then, First
State customers should continue using their checks, making loan
payments and conducting other transactions just as before.
This merger and another pending with Pioneer Bancshares
Corporation in northeast Louisiana will increase Hibernia's
statewide banking locations to 147, assets to $6.2 billion and
statewide deposit market share to more than 14%. Hibernia's common
stock (HIB) is listed on the New York Stock Exchange.
