March 3, 1995
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N. W.
Washington, D. C. 20549
Re: Hibernia Corporation
Current Report on Form 8-K
Commission File No. 1-10294
Dear Sirs:
Pursuant to rules and regulations adopted under the Securities
Exchange Act of 1934, as amended (the "Act"), transmitted hereby
for filing, on behalf of Hibernia Corporation (the "Company"), is
a Current Report on Form 8-K.
Pursuant to Section 13(a) of the Act, by copy hereof we are
filing with the New York Stock Exchange, the national securities
exchange on which the Common Stock of the Company is listed and
traded, two complete copies, including exhibits. Pursuant to
General Instruction E to Form 8-K, such complete copy being filed
with the Exchange has been manually signed on behalf of the
Company.
Please call the undersigned at (504) 533-2486 if you have any
questions concerning this filing.
Very truly yours,
/s/ PATRICIA C. MERINGER
Patricia C. Meringer
Secretary and Associate Counsel
PCM/gbp
Enclosures
cc: Joseph Lomnicky
Ron E. Samford, Jr.
Stephen D. M. Schuetz
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) March 2, 1995
March 1, 1995
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 March 1, 1995, the Registrant announced that it had reached
an agreement with plaintiff's counsel to settle a class action suit
against it. The settlement, which is subject to court approval,
would have no income statement impact on the Registrant.
EXHIBIT INDEX
Exhibit Page
Number Description Number
28.23 News Release issued by the Registrant
on March 1, 1995 3
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: March 2, 1995 By:/s/ RONALD E. SAMFORD, JR.
Ronald E. Samford, Jr.
Chief Accounting Officer
EXHIBIT 28.23
NEWS RELEASE
HIBERNIA CORPORATION
For Additional Information: For Release:
IMMEDIATE
March 1, 1995
MEDIA INQUIRIES:
Jim Lestelle, Manager
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 SETTLE CLASS-ACTION SHAREHOLDER SUIT
NEW ORLEANS - Hibernia Corporation announced today that it
has agreed to settle a pending class-action shareholders' lawsuit,
Gila Feinberg et al v. Hibernia Corporation, brought in 1990 on
behalf of purchasers of Hibernia stock between March 19, 1990 and
July 31, 1991.
The company will pay, subject to court approval, up to $20
million in cash on a claims-made basis, plus administrative costs
(up to $200,000) and interest during the period the claims are
processed. Insurance coverage and previously established reserves
will cover the cost of the settlement, and thus there will be no
adverse impact on the company's earnings.
"Although we deny liability for the claims alleged in the
lawsuit, the settlement is reasonable in light of the uncertainties
of litigation and significant management time and legal expense
that would be required to further contest it," said Stephen A.
Hansel, president and chief executive officer. "This removes the
last of major problems that surfaced at Hibernia in the early '90s
and allows us to focus more attention on improving results for
shareholders and strengthening Hibernia's franchise."
Affected shareholders will receive information from the
settlement agent on how to file claims sometime after court
approval is obtained.
Hibernia has $6.3 billion in assets and 130 banking locations.
Pending mergers, which are subject to approvals, would increase
assets to $6.8 billion and 162 locations serving 22 parishes and 55
cities in Louisiana. These markets represent approximately three-
fourths of the state's population. It would be either first,
second or third in deposit market share in 17 of these parishes.
The company's common stock (HIB) is listed on the New York
Stock Exchange.
