LAFAYETTE, La., June 27, 2016 /PRNewswire/ -- The Board of Directors of IBERIABANK Corporation (NASDAQ: IBKC) announced the declaration of a quarterly cash dividend on the outstanding shares of its 6.60% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series C, par value $1.00 per share (the "Series C Preferred Stock").
On May 9, 2016, the Company issued an aggregate of 2,300,000 depositary shares (the "Depositary Shares"), each representing a 1/400th ownership interest in a share of the Series C Preferred Stock, with a liquidation preference of $10,000 per share of Series C Preferred Stock (equivalent to $25 per Depositary Share), which represents $57,500,000 in aggregate liquidation preference.
The declared cash dividend on the Series C Preferred Stock is for the time period between the initial issuance of the Depositary Shares on May 9, 2016, up to, but excluding, the first dividend payment date of August 1, 2016. The declared cash dividend equated to approximately $0.37 per Depositary Share, or $148.52 per share of Series C Preferred Stock outstanding. The cash dividend is payable on August 1, 2016, to shareholders of record as of the close of business on July 15, 2016. When, as, and if declared by the Board of Directors, future dividend payment dates on the Series C Preferred Stock and associated Depositary Shares will be payable quarterly, in arrears, on February 1, May 1, August 1, and November 1 of each year, beginning on August 1, 2016.
The Company's Series C Preferred Stock trades on the NASDAQ Global Select Market under the symbol "IBKCO."
IBERIABANK Corporation is a financial holding company based in Lafayette, Louisiana with locations in 10 states. IBERIABANK Corporation and its predecessor organizations have served clients for 129 years.
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SOURCE IBERIABANK Corporation