Iberiabank Corp. in Lafayette, La., said it will consolidate its federally chartered thrift subsidiary into its commercial banking subsidiary by early October as a result of "sweeping changes" in the banking industry.

The commercial bank is regulated by the Federal Reserve Bank of Atlanta and the Louisiana Office of Financial Institutions.

The $10.4 billion-asset Iberiabank said in a press release Monday that "this action was in the best interests of its constituents, given the sweeping changes to the banking industry and recently enacted legislation and financial regulatory reform."

The thrift has a subsidiary, Iberiabank Mortgage Co., which will become a wholly owned subsidiary of the commercial bank.

The thrift, in Little Rock, had $1.6 billion of assets at June 30, according to the Federal Deposit Insurance Corp.

The commercial bank, of Lafayette, had nearly $8.7 billion of assets at June 30, according to the FDIC.

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