Lafayette-based IberiaBank Corp., the largest financial institution headquartered in Louisiana, is closing or consolidating 22 branch locations this year, our media partners at The Advocate report.
The branches will close or consolidate during the second and third quarters of 2018, and are part of the bank’s "long-term strategy" to improve efficiency, especially as it moves toward digital banking. The closures will give the bank 296 locations across the southeast, the newspaper reports.
The closures are on top of branch consolidations already planned in the wake of Iberia’s acquisition of Florida’s Gibraltar Private Bank and Trust in a $223 million deal that closed earlier this year. Iberia reportedly laid off 124 Gibraltar employees in March ahead of the completion of the acquisition, the Advocate reports.
The new closures are intended to "optimize our branch and ATM network" as part of an ongoing effort to become more efficient, Daryl Byrd, president and CEO of IberiaBank told The Advocate.
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