The restructuring of IberiaBank’s multistate branch network, in motion since 2012, is visiting Arkansas this quarter. Nine branches will be closed by the end of March.
Six are the $19 billion-asset lender’s lone presence in as many northeast Arkansas communities. These half dozen represent more than $100 million in deposits for IberiaBank, of Lafayette, Louisiana.
The list includes Tuckerman (Jackson County), $27.2 million in deposits; Lake City (Craighead County), $20.5 million; Hardy (Sharp County), $19.8 million; and Corning (Clay County), $16.7 million. Two others are in Lawrence County: Imboden, $15.1 million; and Hoxie, $8.5 million.
Three other branches to be pruned are in Springdale, 3942 Elm Springs Road ($61 million); Fayetteville, at 2710 Mission Blvd. ($29 million); and Little Rock, at 4900 W. Markham St. ($18.5 million).
“Six branches are in rural communities, where the impact is felt the most,” said Pete Yuan, IberiaBank’s regional president in Arkansas. “But it became harder and harder to financially justify those branches.
“It was a very, very tough decision as relates to the Arkansas branches.”
Yuan said IberiaBank’s Arkansas franchise continues to grow in terms of loans and deposits.
“The hard part is making sure the public and our clients understand that we’re not lessening our commitment to Arkansas,” he said.
During the past three years, IberiaBank has closed 51 branches and added 50 new branches, largely through its merger and acquisition activity.
During 2015, the company closed or consolidated 11 bank branches, acquired 36 more and opened five new locations.
The nine Arkansas branches are among 19 that IberiaBank will close by March 31.