Hibernia National Bank is a bank headquartered in New Orleans, Louisiana. Bank is a major subsidiary of Hibernia Corporation, the parent company of the bank. In November 2005, the bank was acquired by Capital One.
Hibernia is the classic Latin name for Ireland. The bank logo includes the harp, the national symbol of Ireland.
Video Hibernia National Bank
History
In April 1870, 3 Irish businessmen founded Hibernia Bank & amp; Trust Company in New Orleans. Patrick Irwin was named first President, Hugh McCloskey, First Vice President, and Thomas Fitzwilliam, First Secretary. In September 1870, the bank began operating.
In 1973, the board of directors hired Martin C Miler, 38, a former executive at First Union, to become president and chairman of the bank. In 1975, the Louisiana legislature approved a multi-parish banking system. In 1983, Hibernia grew to become the largest bank in the state in terms of assets. Despite its operations in Louisiana, the bank has never lent much to the petroleum industry.
In 1989, banks entered Texas through the acquisition of First State Bank of Pflugerville, which was shut down by regulators as a result of bank failures. In 1990, the bank acquired BancTexas after it also failed.
The Bank had positive growth every quarter from 1973 to 1990; However, in 1990, as a result of the savings and loan crises, banks reported losses, eliminating dividends and required capital.
In 1991, Miler retired.
In 1992, the company sold its operations in Texas to Comerica for $ 63.1 million in cash. The company was also recapitalized by giving Chase Manhattan Bank a majority stake in the company in exchange for debt forgiveness.
In 2000, the company entered the insurance business with the acquisition of The Rosenthal Agency.
In 2003, the company re-entered the Texas market with the acquisition of Coastal Bancorp, the company also announced plans to open an additional branch in Texas.
In November 2005, Capital One acquired the company. The acquisition price was renegotiated after Hurricane Katrina struck New Orleans.
Maps Hibernia National Bank
References
Source of the article : Wikipedia
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