December 9, 1998
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, one 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
Corporate Counsel and
Secretary
PCM/mch
Enclosure
cc: Joseph Lomnicky
Troy Hester
Donald E. Wood
<PAGE>
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) December 9, 1998
-----------------
December 1, 1998
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) 533-5333
<PAGE>
Item 5. Other Events.
On December 1 1998, Hibernia Corporation announced that it had signed a
definitive agreement to purchase the assets and assume the liabilities of the
Beaumont operation of Chase Bank of Texas, N.A., for $87 million in cash. The
purchase and assumption, which is subject to approval by the Office of the
Comptroller of the Currency, should be completed by the first quarter of 1999.
EXHIBIT INDEX
Exhibit Page
Number Description Number
28.41 News Release issued by the Registrant
on December 1, 1998 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: December 9, 1998 By: \s\ PATRICIA C. MERINGER
Patricia C. Meringer
Corporate Counsel and
Secretary
<PAGE>
EXHIBIT 28.41
Page 1
N E W S R E L E A S E
MEDIA INQUIRIES:
Jim Lestelle - Senior Vice President
and Manager, Corporate Communications
Office: (504) 533-5482; Home: (504) 488-8826
E-mail: [email protected]
For IMMEDIATE Release
December 1, 1998
INVESTOR INQUIRIES:
Trisha Voltz -- Vice President
and Manager, Investor Relations
Office: (504) 533-2180; Home: (504) 837-8287
E-mail: [email protected]
HIBERNIA TO PURCHASE LARGEST BANKING OPERATION
IN BEAUMONT, TEXAS
Chase Bank of Texas unit has $452 million in deposits,
$1.3 billion in trust assets
NEW ORLEANS -- Hibernia announced today it has signed an agreement to
purchase the assets and assume the liabilities of the Beaumont operations of
Chase Bank of Texas, N.A., for $87 million in cash, a transaction that would
give Hibernia the leading market share in Jefferson County and expand its
coverage of southeast Texas.
Chase's trust operation, with approximately $1.3 billion in assets
under management, would also help Hibernia significantly expand its trust and
personal asset management group.
In Beaumont, Chase Bank of Texas has $452 million in deposits, $172
million in loans and four offices.
"Beaumont has been an excellent market for Chase," said Alan R. Buckwalter,
III, chairman and CEO of Chase Bank of Texas. Pointing to similarities in the
banks' philosophies, he said, "Hibernia and Chase share the same focus on
providing friendly service, understanding customers' needs and offering the
right products, and improving the quality of life in the community."
"Hibernia is a customer-service-driven organization with a strong
commitment to southeast Texas," said Dan Hallmark, Beaumont chairman and CEO for
Chase. "They've built an impressive regional franchise by enhancing banking
convenience, offering innovative products and services, providing customers with
access that meets their needs and maintaining local autonomy. Hibernia is the
right match for our Beaumont customers."
Hibernia President and CEO Stephen A. Hansel noted Hibernia's strategy
for serving customers in east Texas markets with demographics similar to
Hibernia's nearby Louisiana markets. That strategy has produced a leading
presence in the corridor stretching westward along Interstate 10 from the Lake
Charles, La., area, where Hibernia has 21 banking offices, to the Golden
Triangle-area of southeast Texas, where it has four offices in Orange, Bridge
City and Vidor.
Like Hibernia, Hansel said, Chase Bank of Texas has emphasized service
and innovation as the keys to building strong customer relationships. "Chase's
commercial, consumer, small-business and trust customers are accustomed to
world-class banking."
As a further example of cultural similarities, Hansel cited Chase's
centralized credit underwriting and operations, strategies that also have helped
Hibernia become more effective and efficient, and branch merchandising, a
marketing approach Hibernia is using to support sales and service.
"Chase has served customers well," Hansel said. "We want to build on that
record, and we'll be looking at ways to extend our services to more markets in
the Golden Triangle and southeast Texas."
Hallmark will head up Beaumont operations for Hibernia. Continuing to
work with him will be David G. Hitt, executive vice president for trust; L. Paul
Davidson, executive vice president for commercial, middle-market, and executive
and professional banking; and Joe Fisher, Jr., senior vice president for trust
investments. Because of similarities in the way Hibernia and Chase operate,
virtually all Chase Beaumont employees will become Hibernia employees.
The purchase, which is subject to approval by the Office of the
Comptroller of the Currency, should be completed during the first quarter of
1999. Hibernia's products and services will be available beginning in the second
quarter following the conversion of Chase's Beaumont customer accounts to
Hibernia's computer system.
Chase Beaumont customers should continue using their checks, making
loan payments and conducting other transactions as usual.
Following completion of this transaction and others with MarTex
Bancshares, Inc., in northeast Texas and First Guaranty Bank in southeast
Louisiana, Hibernia would be a $14.3-billion-asset organization with 257 banking
locations in 34 Louisiana parishes and 13 Texas counties. It would be either
first, second or third in deposit market share in 32 Louisiana parishes and six
Texas counties. Hibernia's Louisiana markets represent approximately 82% of the
state's population and 86% of its deposits. Its statewide Louisiana deposit
share would be 22%.
The company's common stock (HIB) is listed on the New York Stock
Exchange. Hibernia news releases, product-and-service information and other
useful data can be accessed through the company's internet site at
http://www.hiberniabank.com. Requests for information about Hibernia's products
and services can be e-mailed to [email protected].
# # #
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
HIBERNIA'S MERGER ACTIVITY
- ------------------------------------------------------------------------------------------------------------------------------------
26 announced or completed transactions
Pending: 3
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NAME (expected completion date) LOCATION ASSETS# OFFICES
- ------------------------------------------------------------------------------------------------------------------------------------
Chase Bank of Texas, N.A. -- Beaumont operations (1Q
1999) Southeast Texas $457 4
- ------------------------------------------------------------------------------------------------------------------------------------
First Guaranty Bank (1Q 1999) Southeast Louisiana $244 6
- ------------------------------------------------------------------------------------------------------------------------------------
MarTex Bancshares, Inc. (1Q 1999) Northeast Texas $320 9
- ------------------------------------------------------------------------------------------------------------------------------------
Completed: 23
- ------------------------------------------------------------------------------------------------------------------------------------
NAME (date merger was completed) LOCATION ASSETS* # OFFICES*
- ------------------------------------------------------------------------------------------------------------------------------------
Peoples Holding Corp. (7/1/98) Northwest Louisiana $228 9
- ------------------------------------------------------------------------------------------------------------------------------------
Firstshares of Texas, Inc. (3/15/98) Northeast Texas $284 5
- ------------------------------------------------------------------------------------------------------------------------------------
ArgentBank (2/1/98) Southcentral Louisiana $805 18
- ------------------------------------------------------------------------------------------------------------------------------------
First National Bank in Mansfield (1/1/98) Northwest Louisiana $101 5
- ------------------------------------------------------------------------------------------------------------------------------------
OrangeBank (11/7/97) Southeast Texas $118 3
- ------------------------------------------------------------------------------------------------------------------------------------
First National Bank of Paris (8/31/97) Northeast Texas $136 4
Collin County National Bank (8/31/97)
- ------------------------------------------------------------------------------------------------------------------------------------
Texarkana National Bank (12/31/96) Northeast Texas $430 10
- ------------------------------------------------------------------------------------------------------------------------------------
St. Bernard Bank and Trust (10/1/96) Suburban New Orleans $244 11
- ------------------------------------------------------------------------------------------------------------------------------------
Calcasieu Marine National Bank (8/26/96) Southwest Louisiana $759 21
- ------------------------------------------------------------------------------------------------------------------------------------
Bunkie Bank & Trust Company (1/15/96) Central Louisiana $106 5
- ------------------------------------------------------------------------------------------------------------------------------------
First National Bank of Lake Providence (1/1/96) Northeast Louisiana $55 2
- ------------------------------------------------------------------------------------------------------------------------------------
Bank of St. John (7/1/95) Southeast Louisiana $116 4
- ------------------------------------------------------------------------------------------------------------------------------------
Progressive Bank and Trust (7/1/95) Southcentral Louisiana $151 6
- ------------------------------------------------------------------------------------------------------------------------------------
State Bank and Trust Company (5/1/95) Southeast Louisiana $96 4
- ------------------------------------------------------------------------------------------------------------------------------------
American Bank (3/1/95) Southeast Louisiana $89 5
- ------------------------------------------------------------------------------------------------------------------------------------
First State Bank and Trust Company (12/31/94) Northshore New Orleans $150 9
- ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bank and Trust Co. (12/31/94) Northwest Louisiana $357 9
- ------------------------------------------------------------------------------------------------------------------------------------
First National Bank of Jefferson Parish (8/1/94) Suburban New Orleans $373 9
- ------------------------------------------------------------------------------------------------------------------------------------
Southern National Bank at Tallulah (8/1/94) Northeast Louisiana $59 1
- ------------------------------------------------------------------------------------------------------------------------------------
First National Bank of West Monroe (8/1/94) Northeast Louisiana $157 6
- ------------------------------------------------------------------------------------------------------------------------------------
Bastrop National Bank (7/1/94) Northeast Louisiana $117 4
- ------------------------------------------------------------------------------------------------------------------------------------
First Commercial Bank (7/1/94) Southcentral Louisiana $166 8
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL ADDED SINCE MID-1994 $6,118 173
- ------------------------------------------------------------------------------------------------------------------------------------
*At merger. #Dollars in millions.
</TABLE>
<TABLE>
<CAPTION>
LOUISIANA:
added through mergers since mid-1994
<S> <C>
Assets: $4.4 billion
Offices: 142
Parishes: 22
TEXAS:
added through mergers since late 1996
Assets: $1.7 billion
Offices: 35
Counties: 13
</TABLE>
