Hibernia, a Forbes 500 and Fortune 1000 company, has $16.6 billion in assets and 260 locations in 34 Louisiana parishes and 16 Texas and two Mississippi counties. Hibernia Corporation's common stock (HIB) is listed on the New York Stock Exchange. The corporation offers a range of financial products and services. Hibernia National Bank (the Bank), the company's sole depository institution subsidiary, was chartered as a national banking association in 1933. In addition to the Bank, the company also owns non-bank subsidiaries that engage in insurance brokerage and investment banking businesses. The company offers an array of financial products and services, including retail, small business, commercial, international, mortgage and private banking; leasing; investment banking; corporate finance; treasury management; insurance; trust and investment management; retail brokerage, and alternative investments, including mutual funds and annuities. The company also performs mortgage servicing, which includes acceptance and application of mortgage loan and escrow payments.
The company provides financial risk management products and advisory services to customers. These products are designed to assist customers in managing their exposure in the areas of interest rate and currency risks. The company offers repurchase agreements, bankers acceptances, Eurodollar deposits, safekeeping of securities, United States government and government agency obligations, tax-free municipal obligations, reverse repurchase agreements, letters of credit, interest rate contracts and collection and foreign exchange transactions.
As of December 31, 2002, the company had assets of $16.6 billion and deposits of $13.5 billion. In 2002, the company enhanced its expertise in life insurance and financial planning by purchasing Friedler/LaRocca Financial Partners, L.L.C., which specializes in life insurance and other financial services for wealthy clients. In 2000, the company purchased three banking offices in East Texas from Compass Bank, which added approximately $115 million in deposits. Additionally in 2000, the company expanded services by purchasing Southcoast Capital...