Hibernia National Bank
Encyclopedia
New Orleans, Louisiana
New Orleans is a major United States port and the largest city and metropolitan area in the state of Louisiana. The New Orleans metropolitan area has a population of 1,235,650 as of 2009, the 46th largest in the USA. The New Orleans – Metairie – Bogalusa combined statistical area has a population...
. It was the largest and oldest bank headquartered in the state, and also had locations in Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
, Mississippi
Mississippi
Mississippi is a U.S. state located in the Southern United States. Jackson is the state capital and largest city. The name of the state derives from the Mississippi River, which flows along its western boundary, whose name comes from the Ojibwe word misi-ziibi...
, and Arkansas
Arkansas
Arkansas is a state located in the southern region of the United States. Its name is an Algonquian name of the Quapaw Indians. Arkansas shares borders with six states , and its eastern border is largely defined by the Mississippi River...
.
History
Founded by Irish immigrants in 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 the Texas, Arkansas and Mississippi markets.Hibernia also entered the insurance business with its purchase of the New Orleans-based broker, The Rosenthal Agency, in 2000 creating the Hibernia Rosenthal Agency.
In March 2005, it was announced that Capital One
Capital One
Capital One Financial Corp. is a U.S.-based bank holding company specializing in credit cards, home loans, auto loans, banking and savings products...
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
Hurricane Katrina
Hurricane Katrina of the 2005 Atlantic hurricane season was a powerful Atlantic hurricane. It is the costliest natural disaster, as well as one of the five deadliest hurricanes, in the history of the United States. Among recorded Atlantic hurricanes, it was the sixth strongest overall...
just missed 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
Capital One
Capital One Financial Corp. is a U.S.-based bank holding company specializing in credit cards, home loans, auto loans, banking and savings products...
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
Alexandria, Louisiana
Alexandria is a city in and the parish seat of Rapides Parish, Louisiana, United States. It lies on the south bank of the Red River in almost the exact geographic center of the state. It is the principal city of the Alexandria metropolitan area which encompasses all of Rapides and Grant parishes....
, Baton Rouge
Baton Rouge, Louisiana
Baton Rouge is the capital of the U.S. state of Louisiana. It is located in East Baton Rouge Parish and is the second-largest city in the state.Baton Rouge is a major industrial, petrochemical, medical, and research center of the American South...
, Bayou, Beaumont
Beaumont, Texas
Beaumont is a city in and county seat of Jefferson County, Texas, United States, within the Beaumont–Port Arthur Metropolitan Statistical Area. The city's population was 118,296 at the 2010 census. With Port Arthur and Orange, it forms the Golden Triangle, a major industrial area on the...
, Dallas
Dallas, Texas
Dallas is the third-largest city in Texas and the ninth-largest in the United States. The Dallas-Fort Worth Metroplex is the largest metropolitan area in the South and fourth-largest metropolitan area in the United States...
, Houston
Houston, Texas
Houston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...
, Lake Charles
Lake Charles, Louisiana
Lake Charles is the fifth-largest incorporated city in the U.S. state of Louisiana, located on Lake Charles, Prien Lake, and the Calcasieu River. Located in Calcasieu Parish, a major cultural, industrial, and educational center in the southwest region of the state, and one of the most important in...
/Lafayette
Lafayette, Louisiana
Lafayette is a city in and the parish seat of Lafayette Parish, Louisiana, United States, on the Vermilion River. The population was 120,623 at the 2010 census...
, Marshall
Marshall, Texas
Marshall is a city in Harrison County in the northeastern corner of Texas. Marshall is a major cultural and educational center in East Texas and the tri-state area. As of the 2010 U.S. Census, the population of Marshall was about 23,523...
, Monroe
Monroe, Louisiana
Monroe is a city in and the parish seat of Ouachita Parish, Louisiana, United States. As of the 2000 census, the city had a total population of 53,107, making it the eighth largest city in Louisiana. A July 1, 2007, United States Census Bureau estimate placed the population at 51,208, but 51,636...
, New Orleans, Shreveport
Shreveport, Louisiana
Shreveport is the third largest city in Louisiana. It is the principal city of the fourth largest metropolitan area in the state of Louisiana and is the 109th-largest city in the United States....
, 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.
Hibernia Bank (San Francisco)
Hibernia Bank, headquartered in San Francisco, was founded in 1859 as the Hibernia Savings and Loan Society. It was acquired by Security Pacific BankSecurity Pacific Bank
Security Pacific National Bank was a large US bank headquartered in Los Angeles, California. In 1992 Bank of America acquired SPNB.-History:...
in 1988. Security Pacific Bank was acquired by Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
in 1992. In 1974, a branch of this bank was robbed by the Symbionese Liberation Army
Symbionese Liberation Army
The Symbionese Liberation Army was an American self-styled left-wing urban militant group active between 1973 and 1975 that considered itself a revolutionary vanguard army...
and Patty Hearst
Patty Hearst
Patricia Campbell Hearst , now known as Patricia Campbell Hearst Shaw, is an American newspaper heiress, socialite, actress, kidnap victim, and convicted bank robber....
.