LAFAYETTE, La., April 3, 2020 /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
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 May 1, 2020, to
shareholders of record as of the close of business on April
16, 2020.
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 $0.7625 per Series D Depositary Share,
or $305.00 per share of Series D Preferred Stock outstanding.
The cash dividend is payable on May 1, 2020, to depositary
shareholders of record as of the close of business on April
16, 2020.
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