Iberiabank and NCRC celebrate $6.72 billion commitment to community development

Washington, DC – IBERIABANK, a regional bank headquartered in Lafayette, LA, announced today a $6.72 billion community benefits plan with the National Community Reinvestment Coalition (NCRC) and its community-based members and across the southeastern region of the United States.

IBERIABANK, the 130-year-old subsidiary of IBERIABANK Corporation, announced today a community benefits plan with the National Community Reinvestment Coalition (NCRC) and its community-based members and partners across the southeastern region of the United States.

“IBERIABANK has been actively engaged in meaningful conversations with our members to ensure that they are well positioned to meet the needs of underserved communities. This community benefits commitment is the gold standard and raises the bar for all banks on what constitutes a forward thinking community commitment,” said NCRC President and CEO John Taylor. “We very much appreciate the strong collaboration demonstrated by IBERIABANK’s executive leadership.”

The plan, beginning in 2018, includes mortgage and small business lending, community development lending and investments, philanthropy, and increasing access to financial services in low-and moderate-income communities, which includes people of color, and through two new branch locations in low and moderate-income neighborhoods.

“We’ve enjoyed a long-standing relationship with John Taylor and his community partners,” said Daryl G. Byrd, President and CEO of IBERIABANK Corporation. “With our continued growth, a written plan provides a clearer understanding of our commitment to continue to invest in and low and moderate income communities within our service areas. We continue to be dedicated to improving our communities through strategic partnerships which promote financial literacy, affordable housing, small business development, and neighborhood revitalization.

The plan will support communities in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South Carolina, and includes the following targets:

· Fund $2 billion in mortgage lending in low- to moderate-income areas and communities of color.

· Fund $3.2 billion in small business lending.

· Fund $1.5 billion in community development, including hurricane impacted areas.

· Fund $20 million in grants and philanthropy, including supporting workforce development, small business, housing counseling, CDCs, CDFIs, and funding programs for children.

· Create two new bank branches- one branch will open in an LMI census tract in Miami Dade, and one branch will open in Atlanta.


Local leaders applaud the agreement:


“Now more than ever, we recognize the need for all community partners to be present and engaged when disaster strikes. After Hurricane Katrina, IBERIABANK and other lenders played key roles in the efforts to rebuild New Orleans. With work still undone here and throughout the state, we are grateful that Iberia has made this forward-looking commitment. This investment will help New Orleans and the rest of Louisiana produce and preserve the affordable housing it so desperately needs and guarantee that our rebuilt communities are strong and equitable,” Andreanecia M. Morris, President/Chair, Greater New Orleans Housing Alliance (GNOHA).

“The Community Reinvestment Alliance of South Florida is pleased to have participated in this process with IBERIABANK. We look forward to engaging the community and IBERIABANK in a partnership that creates a greater standard of living in South Florida,” Cornell Crews Jr., Executive Director, Community Reinvestment Alliance of South Florida.

“Thanks to NCRC, our organization and others from IBERIABANK’s footprint were given the opportunity to be part of a process that will impact our communities for years to come. I am encouraged by IBERIABANK’s commitment to increased investment in low- and-moderate income neighborhoods. I look forward to continued engagement and increased commitment,” Kate Little, President/CEO, Georgia Advancing Communities Together, Inc.

“We appreciate IBERIABANK’s commitment to work with Tampa Bay’s underserved communities, especially in terms of community development investments, home mortgage lending and capacity building for nonprofit partners of the bank,” Deborah F. Scanlan, President & CEO NEIGHBORHOOD HOME SOLUTIONS.

We look forward to looking for ways to work with IBERIABANK to link their bold goals to our community development, small business, and mortgage lending needs,” Anthony Jones, Tampa Bay Community Reinvestment Alliance.

“CDC of Tampa applauds the commitment of IBERIABANK to low and moderate-income communities, by focusing on housing counseling, workforce development, small business and affordable housing development. The renewed vigor will help continue creating neighborhoods of choice and economic opportunities for residents in Tampa Bay, Central Florida and South Florida,” Ernest M. Coney, Jr., President & CEO, Corporation to Develop Communities of Tampa, Inc.


Local organizations supporting the Community Benefits Plan:


Affordable Homeownership Foundation Inc.

Bright Community Trust

Central Florida Community Development Corporation

Community Based Care of Central Florida, Inc.

Community Initiatives, Inc.

Community Legal Services of Mid-Florida

Community Reinvestment Alliance of South Florida

Corporation to Develop Communities of Tampa, Inc

Future Leaders Community Development Corporation (CHDO)

Georgia Advancing Communities Together, Inc.

Good Work Network

Grand Avenue ECDC

Greater New Orleans Housing Alliance

Holden Heights Community Development Corporation

Housing and Education Alliance


Jericho Road Episcopal Housing Initiative

Kingsley House Inc.

Lee County Housing Development

Miami Beach Community Development Corp

Mid City Redevelopment Alliance

Multi-Cultural Development Center

National Housing Counseling Agency

Neighborhood Development Foundation

Neighborhood Housing Services of South Florida

Neighborhood Renaissance, Inc.

Partners For Self Employment, Inc.

Pinellas Opportunity Council, Inc.

Puentes New Orleans

Real Estate Edcuation And Community Housing Inc. (R.E.A.C.H.)

South East Houston CDC

Southern Mutual Help Association, Inc.

St. Petersburg Neighborhood Housing Services, Inc. dba Neighborhood Home Solutions

Struggle for Miami’s Affordable and Sustainable Housing

Umoja Institute Of African American, Culture, Trade & Economic Development

Urban Philanthropies, Inc.

War on Poverty-Florida


About NCRC

NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.

Lyndsey Marie


Summary of the Community Benefits Agreement between the National Community Reinvestment Coalition and IberiaBank.


IberiaBank will lend or invest $6.72 billion to low- and moderate-income (LMI) borrowers and in LMI communities over a five-year period from 2018 to 2022. This commitment comes out to 24% of IberiaBank’s post-merger assets, or 33% of its deposits.

Mortgage Lending to Low- and Moderate-Income Borrowers & Communities

Community Benefits Commitment: $2 billion over 5 years

IberiaBank will adopt a mortgage lending goal for LMI borrowers and neighborhoods of $2 billion. IberiaBank will create a portfolio loan product, and retain Sabadell United’s key Latino loan originators in Miami. IberiaBank will also create a marketing budget to fund partnerships with CDCs/non-profits/credit counseling groups to support counseling efforts in bank assessment areas to low and moderate income borrowers.

Small Business Lending to Small Businesses & Low- and Moderate-Income Communities

Community Benefits Commitment: $3.2 billion over 5 years

IberiaBank’s lending goal for small businesses and businesses in LMI neighborhoods is $3.2 billion. IberiaBank will form a strategic plan to reach underserved small business communities in Miami Dade market. Subsequent to the implementation of the Miami small business plan, IberiaBank will develop a statewide Florida small business plan as well.

Community Development Lending and Investment (CDLI)

Community Benefits Commitment: $1.5 billion over 5 years

IberiaBank will devote $1.5 billion to community development investments and lending. Included in this, IberiaBank will explore opportunities to support non-profit housing developers, especially in hurricane-impacted areas. IberiaBank will also look for opportunities to invest in more creative options such as Small Business Investment Companies (SBICs).


Community Benefits Commitment: $20 million over 5 years

IberiaBank will disseminate $20 million in grants over the next five years, a 97% increase. Philanthropic giving will focus funding on low and moderate income children, workforce development, pre-purchase housing counseling, CDCs, CDFIs, and commercial corridors with a focus on small businesses.

New Branches

IberiaBank plans to open two new branches in low or moderate income census tracts during the term of the plan. One new branch will be opened in an LMI census tract in Miami Dade, and one new CRA branch will be opened in Atlanta.

Other Commitments

IberiaBank will support, community land trusts, healthcare services and healthy living – such as financing grocery stores in food deserts, rural areas in Louisiana, and financial literacy education throughout every state in the bank footprint.

Plan Governance

IberiaBank will create a national community advisory board which will consist of approximately 18-20 members and will meet twice per year.

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