IberiaBank Corp. in Lafayette, La., is beefing up its capital base to make more acquisitions.
The $5.3 billion-asset company said Monday that it plans to sell 2.5 million shares of common stock, raising roughly $111 million, based on Tuesday's closing price.
IberiaBank received $90 million last week from the Treasury Department's Capital Purchase Program.
That money, combined with the stock sale's proceeds, would increase the company's capital by as much as 50%.
As of Sept. 30, IberiaBank's risk-based capital ratio was 11.07%, and its Tier 1 leverage capital ratio was 7.29%.
The company said in a Securities and Exchange Commission filing that it planned to use the funds to finance expansion.
"We intend to use the net proceeds of this offering to fund possible future acquisitions of other financial services businesses, for general corporate purposes, our working capital needs, and investments in our subsidiaries to support our continued growth," according to the filing.
Since 2003, IberiaBank has completed six acquisitions, the most recent being the failed ANB Financial in Bentonville, Ark., in August.
IberiaBank's third-quarter earnings decreased 27% from a year earlier, to $8.8 million.
