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Iberia Bank buys Cameron State in Lake Chuck
Posted on 3/11/11 at 8:48 am
Posted on 3/11/11 at 8:48 am
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Well they have been sniffing around Lake Charles for a long while now. Going to be interesting to see how many branches they close since Cameron will build branches on top of each other.
Well they have been sniffing around Lake Charles for a long while now. Going to be interesting to see how many branches they close since Cameron will build branches on top of each other.
Posted on 3/11/11 at 9:52 am to GCHunter
That's shocking, when I lived in LC it seemed like it was up and coming. A lot of people I knew banked there.
Posted on 3/11/11 at 10:46 am to TigerNlc
quote:
That's shocking, when I lived in LC it seemed like it was up and coming. A lot of people I knew banked there
i agree. supposedly CSB gets voted best bank every year in the Times' annual best of the best rankings.
Posted on 3/11/11 at 11:03 am to Skin
I guess what I was trying to say was Cameron State has branches that are across the street from each other. The overlap in Lake Charles will cause Iberia to close branches and sell them off thus laying off tellers, branch managers, etc. Cameron's philosphy has always been to be #1 in market share regardless of where they build the branch. Since Iberia is a publicly traded bank they will phase out branches that are under utilized/non producing.
Posted on 3/11/11 at 12:52 pm to GCHunter
So how does the sale price relate to CSB book value? Can somebody do the math?
Posted on 3/11/11 at 1:11 pm to tigerpawl
1.7x. My opinion Iberia paid an extremely high premium. Good for Cameron Shareholders though
This post was edited on 3/11/11 at 1:16 pm
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