LAFAYETTE, La., Oct. 3, 2019 /PRNewswire/ -- The Board of
Directors of IBERIABANK Corporation (NASDAQ: IBKC) announced the
declaration of a quarterly cash dividend on the Company's
outstanding shares of 6.60% Fixed-to-Floating Non-Cumulative
Perpetual Preferred Stock, Series C, par value $1.00 per share (the "Series C Preferred
Stock").
The Board of Directors also announced the declaration of the
initial semi-annual cash dividend on the Company's outstanding
shares of 6.100% Fixed-to-Floating Non-Cumulative Perpetual
Preferred Stock, Series D, par value $1.00 per share (the "Series D Preferred
Stock").
Series C Preferred Stock
On May 9, 2016, the Company issued
an aggregate of 2,300,000 depositary shares (the "Series C
Depositary Shares"), each representing a 1/400th
ownership interest in a share of the Series C Preferred Stock, with
a liquidation preference of $10,000
per share of Series C Preferred Stock (equivalent to $25 per Series C Depositary Share), which
represents $57,500,000 in aggregate
liquidation preference.
The declared cash dividend equated to approximately $0.4125 per Series C Depositary Share, or
$165.00 per share of Series C
Preferred Stock outstanding. The cash dividend is payable on
November 1, 2019, to shareholders of
record as of the close of business on October 17, 2019.
When, as, and if declared by the Board of Directors, future
dividends (fixed and floating rate) on the Series C Preferred Stock
and associated Series C Depositary Shares will be payable
quarterly, in arrears, on February 1,
May 1, August
1, and November 1 of each
year. Beginning on August 1, 2026, a
floating rate equal to three-month LIBOR plus a spread of 492 basis
points per annum will be paid.
The Company's Series C Depositary Shares trade on the Nasdaq
Global Select Market under the symbol "IBKCO."
Series D Preferred Stock
On April 4, 2019, the Company
issued an aggregate of 4,000,000 depositary shares ("Series D
Depositary Shares"), each representing a 1/400th
ownership interest in a share of Series D Preferred Stock, with a
liquidation preference of $10,000 per
share of Series D Preferred Stock (equivalent to $25 per Series D Depositary Share), which
represents $100,000,000 in aggregate
liquidation preference.
The declared cash dividend equated to approximately $0.8769 per Series D Depositary Share, or
$350.76 per share of Series D
Preferred Stock outstanding. The declared cash dividend on the
Series D Preferred Stock is for the time period from, and
including, the original issue date to, but excluding, November 1, 2019. The cash dividend is payable on
November 1, 2019, to depositary
shareholders of record as of the close of business on October 17, 2019.
When, as, and if declared by the Board of Directors, fixed rate
dividends on the Series D Preferred Stock and associated Series D
Depositary Shares will be paid semi-annually, in arrears, on
May 1 and November 1 of each year to, but excluding,
May 1, 2024. A floating rate equal to
three-month LIBOR plus a spread of 385.9 basis points per annum for
each dividend period from, and including, May 1, 2024, will be paid quarterly, in arrears,
on February 1, May 1, August 1,
and November 1 of each year,
beginning on August 1, 2024, subject
to potential adjustment.
The Company's Series D Depositary Shares trade on the Nasdaq
Global Select Market under the symbol "IBKCN."
IBERIABANK Corporation is a financial holding company with
locations in Louisiana,
Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South
Carolina, North Carolina,
Mississippi, Missouri, and New
York offering commercial, private banking, consumer, small
business, wealth and trust management, retail brokerage, mortgage,
and title insurance services.
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SOURCE IBERIABANK Corporation