Iberiabank in Lafayette, La., is planning to sell or close 22 branches.
The $29 billion-asset company said in a press release Friday that the closures, which will take place between now and Sept. 30, represent about 7% of its branch network.
"These closures are intended to optimize our branch and ATM network as part of ongoing efforts to improve the efficiency of our franchise,” Daryl Byrd, Iberiabank’s president and CEO, said in the release.
“As our clients increasingly use and become more reliant on our digital channels, we continuously review our distribution channels to ensure we are operating efficiently,” Byrd added. "We are committed to providing extraordinary service to our clients and communities, and investing in banking solutions that meet their evolving preferences."
The closures should lower annual expenses by more than $8 million, including a $2 million reduction in the fourth quarter.
Iberiabank expects to incur about $12 million in one-time charges, including $7 million in the second quarter.
