NEW ORLEANS, Oct. 5, 2016 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 129-year-old IBERIABANK, announced today an equity investment in Liberty Financial Services, Inc. The investment of $1,500,000 represents less than 5% of the outstanding common stock of Liberty Financial Services, Inc. Liberty Financial Services, Inc. is the holding company of Liberty Bank, headquartered in New Orleans, Louisiana.
Liberty Bank is the third largest African-American-owned financial institution in the United States. President and Chief Executive Officer, Alden J. McDonald Jr., has been nationally recognized as a catalyst in the advancement of minority-owned businesses. Mr. McDonald has served as President of Liberty Bank since its inception in 1972, making him the longest tenured African-American financial executive in the country.
President and Chief Executive Officer of IBERIABANK Corporation Daryl G. Byrd said, "We are proud to make an investment in a bank and in a team that we believe provides viable banking solutions to underserved communities. Liberty Bank is a well-capitalized bank and a well-run institution. We have known both Alden and his Chairman of the Board, Dr. Norman C. Francis, former President of Xavier University, for many years. As business and community leaders, they have been instrumental in promoting entrepreneurship and empowering people through education and home ownership."
Alden McDonald commented, "Liberty Bank and IBERIABANK share common goals in bettering our communities through strategic partnerships. The additional capital will be used for institutional growth and the expansion of products and services. Our combined resources allow us to continue to support and drive economic development in the communities we serve."
IBERIABANK Corporation is a financial holding company with $20 billion in assets and operates 299 combined offices, including 199 bank branch offices and three loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, and Georgia, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 64 locations in 10 states. The Company has eight locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners L.L.C. office in New Orleans.
ABOUT LIBERTY BANK
In 1972, Liberty Bank was chartered in New Orleans, Louisiana, with a focus on service, integrity and a sincere interest in community and business development. With more than $600 million in assets today, Liberty Bank operates branch offices in 10 metropolitan markets in eight states.
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SOURCE IBERIABANK Corporation