December 21, 2000
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) 533-3299 if you have any questions
concerning this filing.
Very truly yours,
Cathy E. Chessin
Corporate Counsel and
Assistant Secretary
CEC/mch
Enclosure
cc: John Kiesel
<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 21, 2000
-----------------
December 21, 2000
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
Item 5. Other Events.
On December 21, 2000, Hibernia Corporation issued the news release attached
hereto as Exhibit 99.9.
EXHIBIT INDEX
Exhibit Page
Number Description Number
99.9 News Release issued by the Registrant
on December 21, 2000 1
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 21, 2000 By: ________________________
Cathy E. Chessin
Corporate Counsel and
Assistant Secretary
<PAGE>
MEDIA INQUIRIES: INVESTOR INQUIRIES:
Jim Lestelle - Senior Vice President Trisha Voltz - Vice President
and Manager, Corporate Communications and Manager, Investor Relations
Office: (504) 533-5482; Home: (504) 410-8826 Office: (504) 533-2180;
E-mail: [email protected] Home: (504) 779-1930
E-mail: [email protected]
For IMMEDIATE Release
Dec. 21, 2000
HIBERNIA CORPORATION PROVIDES FOURTH-QUARTER 2000
EARNINGS GUIDANCE
NEW ORLEANS - Hibernia Corporation today announced that it expects
fourth-quarter 2000 loan loss provision expense to be approximately $70 million,
resulting in a full-year provision expense of approximately $120 million.
This would result in fourth-quarter net income of approximately $17
million ($.10 per common share assuming dilution) and full-year net income of
approximately $170 million ($1.04 per common share assuming dilution). Year over
year, excluding securities transactions, the company expects EPS assuming
dilution to be unchanged at $1.06.
The company also provided guidance that it anticipates approximately $55
million in fourth-quarter net charge-offs, resulting in a year-end loan loss
reserve of approximately $178 million. Nonperforming assets would approximate
$90 million, resulting in a nonperforming asset ratio of approximately 0.75%.
In his first announcement since being appointed CEO, J. Herbert Boydstun
said, "Credit quality is job No. l at Hibernia. The actions we've taken today,
our good core earnings and strong capital levels strengthen the foundation for
2001. Although the overall level of problem loans continues to decrease, the
amount of loss that we've now been able to identify in certain nonperforming
loans has increased. By adding to the provision and charging off some of these
problem loans, we're demonstrating our commitment to building shareholder
value." Boydstun also said the board anticipates paying a cash dividend of $.13
per common share in the first quarter.
Based on the current economic outlook, Hibernia indicated that the loan
loss provision could be in the $65 million to $75 million range next year.
Hibernia, a Fortune 1000 company, has $16.2 billion in assets and 265
locations in 34 Louisiana parishes, 16 Texas counties and two Mississippi
counties. Hibernia is the leader in Louisiana with 23.4% of deposits and in its
Texas market area with 10.7%. Hibernia Corporation's common stock (HIB) is
listed on the New York Stock Exchange.
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Forward-Looking Statements
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Statements in this news release that are not historical facts should be
considered forward-looking statements with respect to Hibernia. Forward-looking
statements of this type speak only as of the date of this news release. By
nature, forward-looking statements involve inherent risk and uncertainties.
Various factors, including, but not limited to, economic conditions, credit
quality, interest rates, loan demand and changes in the assumptions used in
making the forward-looking statements could cause actual results to differ
materially from those contemplated by the forward-looking statements. Additional
information on factors that might affect Hibernia's financial results is
included in its filings with the Securities and Exchange Commission.
