MidSouth Bancorp Inc. of Lafayette, La., said late Tuesday that the Gulf oil spill and drilling moratorium could affect roughly $15 million of its loans.
The $974 million-asset parent company of MidSouth Bank in Lafayette has a history of lending to the oil services industry. It said the exposure accounted for less than 3% of its total loans of $576 million as of March 31.
A majority of MidSouth Bank's oil services-related loans are to companies that drill on land or in shallow water, or service the industry's production side, which accounts for 16% of the portfolio.
The company said in a press release that it did not have meaningful loan exposure to industries indirectly affected by the spill, such as tourism, fishing and seafood, and that it has benefited from containment and cleanup efforts.
