IberiaBank Corp. (IBKC) said its president and chief executive has set up a plan to sell up to 11% of his stock in the Lafayette, La., company.
Under the sale plan, Daryl Byrd has selected an outside party to sell nearly 44,000 shares of stock in the $13 billion-asset company. Byrd owns about 395,000 shares of stock, the company said in a regulatory filing.
The sales plan - a common instrument used by executives to avoid claims of insider trading - allows the outside party to sell Byrd's shares between now and mid-March, the filing said. Based on the stock's closing price Tuesday, the sales could fetch more than $2.7 million.
Byrd plans to sell the stock in the open market "at prevailing market prices," the filing said, adding that the sales are "part of his long-term strategy for individual asset diversification and liquidity."
A company spokeswoman added that the timing of the sales is tied to fast-approaching expiration dates on options that Byrd holds.