Wednesday, February 04, 2009 By KAIJA WILKINSONBusiness Reporter
Iberiabank Corp. is opening a loan production office in the Mobile area and has named former Regions Financial Corp. commercial banker Lawrence "Russ" Ford Jr., 39, area president.
Iberiabank (Nasdaq: IBKC) is the 25th banking company now in business in Mobile or Baldwin counties, according to federal data.
Daryl Byrd, president and chief executive of Lafayette, La.-based Iberia, said the bank is impressed by the "good economic progress" in Alabama.
Executives are in town this week scouting property for the first physical location, and Ford will be hiring five to seven bankers and support staff, Byrd said.
He said he expects the loan office to open in about two weeks, with up to five full-service branches within three years.
Iberiabank, which now does business in nine states, tailors itself to fit different markets, Byrd said. In south Alabama, it plans to focus on midmarket commercial lending and private banking, he said.
Ford, a native of Decatur who now lives in the Mobile area with his family, said he joined Iberiabank because of its reputation and the growth opportunity.
"I learned through a friend and former colleague who works for Iberiabank that there are banks out there that are growing and looking to expand as others are dealing with consistent problems," Ford said.
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