With one acquisition complete and another under way, Hibernia Corp. of New Orleans plans to expand its brokerage operations in Louisiana and Texas.
In the next 30 days, customers of People's Bank and Trust Co., which has nine offices in Louisiana, will be able to buy Hibernia's products, said Kenneth A. Rains, a Hibernia executive vice president. Customers of First Service Bank, which has nine offices in Texas, could have access to Hibernia products by the end of September.
Hibernia closed its deal for People's on July 1. The deal for First Service is expected to close in the first quarter of 1999. At that time, Hibernia would have $13 billion of assets.
The product offerings would include Tower Mutual Funds, Hibernia's proprietary fund family, as well as annuities, stocks, and bonds, said Mr. Rains. The broker-dealer, Hibernia Investment Securities Inc., has $1.4 billion of assets under management, he said.
- Cheryl Winokur