Iberiabank in Lafayette, La., plans to close eight branches in Louisiana, Alabama and Florida.
The $19 billion-asset company received approval last month from the Louisiana Office of Financial Institutions to close seven of the branches. Iberiabank also plans to close a branch in Lafayette.
All eight branches are scheduled to close in November, said Beth Ardoin, an Iberiabank spokeswoman.
"With enhancements in technology, the banking industry now offers convenient electronic banking and there is less of a need for clients to be in the branches as often as they were in the past," she said.
Iberia also plans open three new branches this year, in New Orleans, Dallas and Memphis, Tenn., she said. Iberiabank will operate 182 branches after the closings and opening of new locations.
Two branches slated for closure, in Lafayette and New Iberia, La., were previously owned by the $861 million-asset Teche Holding in New Iberia. Iberiabank bought Teche for $161 million in May 2014.
At the time of the acquisition, Iberiabank projected it would cut yearly expenses at Teche by more than 50%. Teche had 20 branches in Louisiana.
Two other branches, in Monroe and West Monroe, La., were owned by American Horizons Bank in Monroe. Iberiabank bought American Horizons in February 2005.
Iberiabank plans to close three branches that it picked up from failed-bank acquisitions. Two branches in Montgomery, Ala., were owned by CapitalSouth Bank in Birmingham, Ala. A branch in Cape Coral, Fla., was owned by Orion Bank in Naples, Fla.
Iberiabank will exit the Montgomery, Ala., market with the closing of the two branches.
Iberiabank also plans to close a branch in Abbeville, La., which it opened in January 1995.