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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
September 11, 1998
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(Date of earliest event reported)
ISB Financial Corporation
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(Exact name of registrant as specified in its charter)
Louisiana 0-25756 72-1280718
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
1101 East Admiral Doyle Drive, New Iberia, Louisiana 70560
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(Address of principal executive offices) (Zip Code)
(318) 365-2361
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets
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On September 11, 1998, IBERIABANK, the wholly owned subsidiary of ISB
Financial Corporation (the "Company"), completed the acquisition (the
"Acquisition") of 17 full-service branch offices with aggregate deposits of
approximately $454 million from The First National Bank of Lafayette ("First
National") and Central Bank, Monroe, Louisiana, subsidiaries of the former
First Commerce Corporation, which has been acquired by BancOne Corporation.
Seven of the offices with aggregate deposits of approximately $202 million
are in the Lafayette market area and were operated as offices of First
National, and ten of the offices with aggregate deposits of approximately
$252 million are in the Monroe market area and were operated as offices of
Central Bank. IBERIABANK paid a premium of 6.45% for the acquired deposits.
In addition to the branch offices and deposits, IBERIABANK acquired
approximately 7,800 loans with an aggregate balance of approximately $127
million for a purchase price equal to the adjusted book value of such loans.
Other than the Acquisition, there is no material relationship between the
Company (including IBERIABANK) and the former First Commerce Corporation
(including First National and Central Bank).
The Company issued a press release on September 11, 1998 with respect to the
Acquisition which is attached hereto as an exhibit to this Form 8-K and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a)(b) Pursuant to the requirements of Item 7(a)(4) and Item 7(b)(2) of
Form 8-K, the Company will file an amendment hereto within sixty (60) days of
the due date of this Current Report containing any financial information and
exhibits required by Item 7.
(c) Exhibits:
10.1 Office Purchase and Assumption Agreement between First
National and IBERIABANK, dated as of June 4, 1998 (without
Schedules)*
10.2 Office Purchase and Assumption Agreement between Central
Bank and IBERIABANK, dated as of June 4, 1998 (without
Schedules)*
99 Press Release, dated as of September 11, 1998
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* Incorporated herein by reference to the Company's Form 8-K,
dated June 4, 1998.
2
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SIGNATURES
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 thereunto duly authorized.
ISB FINANCIAL CORPORATION
Date: September 24, 1998 By: /s/ Larrey G. Mouton
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Larrey G. Mouton
President and Chief Executive Officer
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Exhibit 99
Press Release, dated as of September 11, 1998
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EXHIBIT 99
IBERIABANK Acquires 17 Branch Offices
NEW IBERIA, La., Sept. 11-- IBERIABANK, the wholly owned commercial bank
subsidiary of ISB Financial Corporation (Nasdaq: ISBF; the ``Company''), today
announced that it has completed the acquisition of seventeen full-service branch
offices with aggregate deposits of approximately $454 million from the former
First Commerce Corporation. Seven of the offices with aggregate deposits of
approximately $202 million are in the Lafayette market area and were operated as
offices of The First National Bank of Lafayette (``First National''), and ten of
the offices with aggregate deposits of approximately $252 million are in the
Monroe market area and were operated as offices of Central Bank, Monroe,
Louisiana. A list of the branch offices is provided below.
Central Bank
Branch 0ffice Address
Northeast 3500 DeSiard Street, Monroe
Claiborne 5329 Cypress St., West Monroe
South Central 1900 Jackson St., Monroe
Lakeshore 8019 DeSiard St., Monroe
Central Center One Stella Mill St., West Monroe
Super 1-Monroe 2810 Louisville Ave., Monroe
Super 1-West 2907 Cypress St., West Monroe
Monroe Brookshire's 2348 Sterlington Road, Monroe
Ruston Main Office 305 S. Vienna, Ruston
North Trenton 1327 N. Trenton, Ruston
First National Bank of Lafayette
Branch Office Address
Oil Center 463 Heymann Blvd., Lafayette
Northgate 1820 Moss St., Lafayette
Congress 4010 W. Congress St., Lafayette
Caffery 3710 Ambassador Caffery Pkwy, Lafayette
Scott 200 Westgate Road, Scott
Kaliste Saloom 420 Kaliste Saloom, Lafayette
Carencro 805 Bernard Road, Carencro
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The 17 branch offices include approximately 48,000 customers or deposit accounts
(including approximately $62 million in demand deposit accounts). IBERIABANK
paid a deposit premium of 6.45%. In addition to the branch offices and deposits,
IBERIABANK acquired approximately 7,800 loans with an aggregate balance of $127
million for a purchase price equal to the adjusted book value of such loans.
On September 11, 1998, the 17 acquired branch offices will open for business
fully converted to IBERIABANK offices and the former First National and Central
Bank employees will continue to staff the offices as IBERIABANK employees.
Larrey G. Mouton, President and Chief Executive Officer of IBERIABANK, said,
``We are very excited at the opportunity to expand our customer base and we
welcome these new customers and employees to IBERIABANK.''
IBERIABANK's branch office network has now increased to 44 offices in 10
parishes in Louisiana. Based on deposits, IBERIABANK now ranks second in
market share in both the Lafayette and Monroe market areas. ISB Financial
Corporation now has approximately $1.4 billion in assets, $1.2 billion in
deposits and $802 million in total loans.
ISB Financial Corporation is the holding company for IBERIABANK. IBERIABANK now
operates 26 full service offices located in south central Louisiana, eight full
service offices located in the Greater New Orleans area and 10 full service
offices in the Monroe market area. The deposits of IBERIABANK are insured by
the Federal Deposit Insurance Corporation to the full extent provided for by
law and regulation.
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