Samiksha Jaiswal

Hibernia National Bank

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Founded  1870
Hibernia National Bank

Hibernia national bank commercial 1986


Hibernia National Bank, founded in 1870, was a personal banking and commercial lending institution headquartered in New Orleans, Louisiana.

Contents

Hibernia national bank ad 1987


History

Hugh McCloskey was one of eleven co-founders of the former Hibernia Bank & Trust Company in New Orleans in April, 1870. Patrick Irwin was named the first President, Hugh McCloskey, the first Vice-President, and Thomas Fitzwilliam, first Secretary. The doors opened for business in September, 1870. Its seal included a harp which is the national symbol of Ireland. Hibernia was the Roman (Latin) name for Ireland.

In 1973, the board of directors hired 38-year-old Martin C. Miler to be the bank's president and chairman of the board. After multi-parish banking was approved by the Louisiana legislature in 1975 Hibernia grew from third largest in Orleans Parish to the largest bank in the state (in terms of assets) by 1983. The bank had positive growth every quarter from 1973 to 1991. Expanding through acquisitions of other banks it entered markets in Texas.

Hibernia also entered the insurance business with its purchase in 2000 of the New Orleans-based broker, The Rosenthal Agency, which created the Hibernia Rosenthal Agency.

In March 2005, it was announced that Capital One would be acquiring Hibernia National Bank for $5.3 billion. The acquisition was set to close in September; however, just a few days before the deal was to be completed, Hurricane Katrina struck New Orleans — Hibernia's headquarters and biggest market. Capital One later agreed to acquire Hibernia at a lower price (approximately $5.0 billion), reflecting Hibernia's lower value. Hibernia National Bank became a wholly owned subsidiary of Capital One Financial Corporation in November 2005, and is now known as Bank South within Capital One. Capital One replaced the Hibernia name and brand with its own on April 24, 2006.

The service area of Capital One's Bank South is divided into twelve regions: Alexandria, Baton Rouge, Bayou, Beaumont, Dallas, Houston, Lake Charles/Lafayette, Marshall, Monroe, New Orleans, Shreveport, and Texarkana. With the exception of Bayou, which is not named after a city, and Lake Charles/Lafayette, which is named after two cities, each region's headquarters is located in the city from which it takes its name.

References

Hibernia National Bank Wikipedia


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