SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
September 11, 1998
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(Date of earliest event reported)
ISB Financial Corporation
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(Exact name of registrant as specified in its charter)
Louisiana 0-25756 72-1280718
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
1101 East Admiral Doyle Drive, New Iberia, Louisiana 70560
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(Address of principal executive offices) (Zip Code)
(318) 365-2361
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
Item 2. Acquisition or Disposition of Assets
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On September 11, 1998, IBERIABANK, the wholly owned subsidiary of ISB
Financial Corporation (the "Company"), completed the acquisition (the
"Acquisition") of 17 full-service branch offices with aggregate deposits of
approximately $454 million from The First National Bank of Lafayette ("First
National") and Central Bank, Monroe, Louisiana, subsidiaries of the former
First Commerce Corporation, which has been acquired by BancOne Corporation.
Seven of the offices with aggregate deposits of approximately $202 million
are in the Lafayette market area and were operated as offices of First
National, and ten of the offices with aggregate deposits of approximately
$252 million are in the Monroe market area and were operated as offices of
Central Bank. IBERIABANK paid a premium of 6.45% for the acquired deposits.
In addition to the branch offices and deposits, IBERIABANK acquired
approximately 7,800 loans with an aggregate balance of approximately $127
million for a purchase price equal to the adjusted book value of such loans.
Other than the Acquisition, there is no material relationship between the
Company (including IBERIABANK) and the former First Commerce Corporation
(including First National and Central Bank).
The Company issued a press release on September 11, 1998 with respect to the
Acquisition which is attached hereto as an exhibit to this Form 8-K and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a)(b) Pursuant to the requirements of Item 7(a)(4) and Item 7(b)(2) of
Form 8-K, the Company will file an amendment hereto within sixty (60) days of
the due date of this Current Report containing any financial information and
exhibits required by Item 7.
(c) Exhibits:
10.1 Office Purchase and Assumption Agreement between First
National and IBERIABANK, dated as of June 4, 1998 (without
Schedules)*
10.2 Office Purchase and Assumption Agreement between Central
Bank and IBERIABANK, dated as of June 4, 1998 (without
Schedules)*
99 Press Release, dated as of September 11, 1998
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* Incorporated herein by reference to the Company's Form 8-K,
dated June 4, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ISB FINANCIAL CORPORATION
Date: September 24, 1998 By: /s/ Larrey G. Mouton
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Larrey G. Mouton
President and Chief Executive Officer