July 22, 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,
Patricia C. Meringer
/s/Patricia C. Meringer
Corporate Counsel and
Secretary
PCM/mch
Enclosure
cc: Joseph Lomnicky
Ron E. Samford, Jr.
Richard E. Brophy, Jr.
<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) July 23, 1998
-----------------
June 30, 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 June 30, 1998, Hibernia Corporation announced that it had signed a
definitive agreement to merge with $320-million-asset MarTex Bancshares, a
transaction that would allow Hibernia to expand its coverage of Northeast Texas.
The merger, which is subject to approvals by regulators and shareholders of
MarTex Bancshares, should be completed by year-end.
EXHIBIT INDEX
Exhibit Page
Number Description Number
28.39 News Release issued by the Registrant
on June 30, 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: July 23, 1998 By: ________________________
Patricia C. Meringer
Corporate Counsel and
Secretary
<PAGE>
EXHIBIT 28.39
N E W S R E L E A S E
MEDIA INQUIRIES:
Jim Lestelle - Senior Vice President & Manager,
Corporate Communications
Office: (504) 533-5482; Home: (504) 488-8826;
E-mail: [email protected] IMMEDIATE
June 30, 1998
Trisha Voltz -- Vice President & Manager, Investor Relations
Office: (504) 533-2180; Home: (504) 837-8287;
E-mail: [email protected]
HIBERNIA SIGNS MERGER AGREEMENT WITH MARTEX BANCSHARES TO EXPAND
COVERAGE OF NORTHEAST TEXAS
NEW ORLEANS -- Hibernia announced today it has signed a definitive
agreement to merge with $320-million-asset MarTex Bancshares, Inc., a
transaction that would allow Hibernia to expand into three new counties and six
new cities in northeast Texas.
MarTex operates First Service Bank, which has nine offices: two in
Marshall, its headquarters, and one in Elysian Fields, both in Harrison County;
two in Lindale (Smith County); and one each in Gladewater (Gregg County),
Mineola (Wood County), Pittsburg (Camp County) and Chireno (Nacogdoches County).
The merger would strengthen Hibernia's deposit position in the area
which includes Harrison, Gregg, Smith and Camp counties.
"Hibernia makes customers its top priority," said F. Wayne McWhorter,
chairman and CEO of First Service Bank and CEO of MarTex. "I know that First
Service customers will appreciate Hibernia's emphasis on providing service
excellence, its commitment to local decisions and its dedication to making our
communities better places to live and work. They'll be the hometown bank in each
of our markets."
George Meisenheimer, First Service Bank president, said that his
organization feels so strongly about serving customers well that it made
"service" part of the bank's name. "I know that Hibernia shares our philosophy."
He also pointed out that the people of east Texas will benefit from Hibernia's
extensive menu of products.
Stephen A. Hansel, Hibernia's president and CEO, praised First Service
Bank for building a strong reputation for friendly, responsive community banking
by ensuring that hometown people - the ones who understand their customers best
- - provide a personal touch to service.
"Hibernia is working hard to be just as successful. By combining First
Service Bank's world-class focus on customers with Hibernia's innovation and
strength, consumers and businesses in east Texas will have a partner that can
meet virtually all of their financial-services needs."
The merger will allow Hibernia to introduce trust and brokerage
services, nationally recognized small-business banking, mortgage lending,
investment banking and other non-traditional services to First Service Bank's
already-strong focus on consumer and commercial banking.
McWhorter emphasized that the merger will help maximize the investment
of MarTex shareholders and open up personal and professional opportunities for
First Service Bank employees in ways that previously were not possible.
Shareholders of MarTex Bancshares would receive 3.45 million shares of
Hibernia stock in a tax-free pooling of interests valued at approximately $69.6
million, based on the June 29 closing price of Hibernia common stock.
The merger, which is subject to approvals by regulators and
shareholders of MarTex, should be completed during the first quarter of 1999.
The name of the bank will be changed to Hibernia National Bank of Texas and
Hibernia's products and services will be available in the spring of 1999,
following the conversion of First Service Bank's computer system to Hibernia's.
First Service Bank markets will be part of Hibernia's Northern Region,
managed by Northern Region Chairman Bob Flurry. The region includes northeast
Texas as well as northwest, northeast and central Louisiana. George E. Grobowsky
and Joseph A. Wood will continue in their current roles as Hibernia's
EastCentral Texas chairman and president, respectively.
Customers of First Service Bank should continue using their checks,
making loan payments and conducting other transactions as usual.
Following completion of this merger and another with Peoples Holding
Corp. in northwest Louisiana, Hibernia would be a $13.0-billion-asset
organization with 245 banking locations in 33 Louisiana parishes and 12 Texas
counties. It would be either first, second or third in deposit market share in
29 Louisiana parishes and five Texas counties. Hibernia's Louisiana markets
represent approximately 80% of the state's population and 85% of its deposits.
Its statewide Louisiana deposit and loan market shares would be approximately
21% and 23%, respectively.
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
- ------------------------------------------------------------------------------------------------------------------------
24 announced or completed transactions
Pending: 2
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NAME (expected completion date) LOCATION ASSETS# OFFICES
- ------------------------------------------------------------------------------------------------------------------------
MarTex Bancshares, Inc. (1Q 1999) ....................... Northeast Texas $320 9
- ------------------------------------------------------------------------------------------------------------------------
Peoples Holding Corp. (3Q 1998) ......................... Northwest Louisiana $228 9
- ------------------------------------------------------------------------------------------------------------------------
Completed: 22
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NAME (date merger was completed) LOCATION ASSETS* # OFFICES*
- ------------------------------------------------------------------------------------------------------------------------
Firstshares of Texas, Inc. (3/15/98) .................... Northeast Texas $ 284 5
- ------------------------------------------------------------------------------------------------------------------------
ArgentBank (2/1/98) ..................................... Southcentral Louisiana $ 805 18
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First National Bank in Mansfield (1/1/98) ............... Northwest Louisiana $ 101 5
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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)
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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
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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
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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
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Bastrop National Bank (7/1/94) .......................... Northeast Louisiana $ 117 4
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First Commercial Bank (7/1/94) .......................... Southcentral Louisiana $ 166 8
- ------------------------------------------------------------------------------------------------------------------------
TOTAL ADDED SINCE MID-1994 ...................... $5,417 167
========================================================================================================================
* At merger. # Dollars in millions.
</TABLE>
<TABLE>
<CAPTION>
LOUISIANA:
added through mergers
<S> <C>
Assets: $4.1 billion
Offices: 136
Parishes: 21
TEXAS:
added through mergers
Assets: $1.3 billion
Offices: 31
Counties: 12
</TABLE>
