Iberiabank Names New Credit Head

Iberiabank Corp. (IBKC) in Lafayette, La., has named a new chief credit officer.

H. Spurgeon Mackie succeeds Gregg Strader, who departed the $13 billion-asset company to spend time with his family, it said Tuesday. Mackie had been Iberiabank's executive credit officer since joining the company in 2010.

Mackie is a veteran banker who spent 32 years with Wachovia Bank and its predecessor bank, First Union Bank, in a variety of roles, including chief risk officer and chief credit officer for interstate banking.

Mackie "is the perfect candidate for the role based on his industry experience and the success he has had with our company," said Daryl Byrd, Iberiabank's president and chief executive, in the news release. "We are confident that, with his leadership, he will continue to deliver the high-quality credit results we have historically achieved."

Iberiabank took a $32 million first-quarter charge related to loans it acquired through failed-bank deals with the Federal Deposit Insurance Corp. The company expects to receive less money from the FDIC through its loss-share agreement, it said. Despite the charge, Iberiabank turned a small profit in the first quarter of 2013.

In March, Iberiabank said an accounting error would require it to restate several years of earnings.