Everything about Hibernia National Bank totally explained
Hibernia National Bank, founded in
1870, was a personal banking and commercial lending institution headquartered in
New Orleans, Louisiana. It was the largest and oldest bank headquartered in the state, and also had locations in
Texas,
Mississippi, and
Arkansas. Founded by Irish immigrants, 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 the Texas, Arkansas and Mississippi markets.
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 hit 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 isn't 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.
Hibernia National Bank is a different entity than the Hibernia Bank robbed by the famous
Symbionese Liberation Army in 1974.
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