JONESBORO, Ark. – IberiaBank is continuing to close locations across northeast Arkansas, although the latest round of closings received minimal local media coverage – until now.
With a vague announcement on May 18, 2018, Iberia revealed it would be closing 22 more branches during Spring and Summer of 2018. Although the announcement did not specify what locations would be shut down, original reporting by The Arkansas Democrat-Gazette indicated seven of the closures would be in Arkansas, with three in NEA.
Iberia locations at Hilltop (on Johnson Avenue in Jonesboro), on Kingshighway in Paragould, and in Marked Tree are all closing, the newspaper reported.
The three closures are not the first in recent years. In 2016, Iberia announced it would close six branches in NEA: in Highland, Imboden, Corning, Lake City, Hoxie and Tuckerman.
Since the end of 2014, Iberia has opened or bought 81 branches while closing 75, including the latest round this year. That means a net-gain of six banks in four years. Iberia has 296 locations across the Southeast region.
On a July earnings call, Daryl Byrd, CEO/President of Iberia, delivered earnings results and commented on the closures.
“Earlier in the second quarter, we announced the closure of 22 additional bank branches by the end of the third quarter this year, and we are well on our way to getting this done,” Byrd said. “We anticipate these closures, along with other expense reductions, will provide over $8 million in annual run rate expense savings beginning in the fourth quarter of this year.”
NEA Report reached out to Iberia locally, at the branch on Highland Drive. Senior Vice President Michael Hallmark said there are no plans to close all locations in NEA except for Jonesboro. However, he would not comment further on expected closures in the area.
IberiaBank is based out of Lafayette, Louisiana. It is publicly traded on the NASDAQ exchange under the symbol: IBKC