IberiaBank completes First Private acquisition
LAFAYETTE (AP) — Lafayette-based IberiaBank Corp. has completed its $64 million acquisition of First Private Holdings Inc. and its subsidiary bank, First Private Bank, both of which are based in Dallas.
IberiaBank announced the acquisition in February.
In March 31, 2014, First Private Bank had two Dallas-area branches, $277 million in loans and $319 million in total deposits.
The rapidly growing IberiaBank has $13.6 billion in assets and some 2,600 employees in 280 offices spread throughout half a dozen states.
PetroQuest buys stake in oil leases
BATON ROUGE (AP) — Lafayette-based PetroQuest Energy Inc. has acquired a 50 percent stake in 30,000 acres Midstates Petroleum Co. currently has under lease in Fleetwood, a few miles west of Baton Rouge, in a deal valued at $24 million.
PetroQuest will pay $10 million in cash and credit $14 million to Houston-based Midstates for future exploration activities in the oil-rich formation. Midstates estimates that the area contains the equivalent of more than 300 million barrels of oil.
PetroQuest will be the lease operator and plans to drill two exploration wells during the second half of the year, with additional wells to be drilled in 2015.
Midstates spokesman Chris Delange said the first two test wells will target the Cockfield and Lower Wilcox formations.
Teche Regional has 100% digital imaging
Teche Regional Medical Center now has 100 percent digital imaging, a news release announced.
The new state-of-the-art digital X-ray units complete the conversion of Teche’s radiology department to an all-digital facility.
Digital x-rays utilize less radiation, eliminate the need for traditional film processing and allow images to be sent to a physician electronically, the news release stated.
Digital images can be enhanced for more accurate diagnosis, the news release stated.
Teche Regional Medical Center Diagnostic Services include digital x-ray, digital mammography, bone density unit, 64-slice CT, state-of-the-art MRI, nuclear medicine and ultrasound.
Penske Truck Leasing company plans new building
METAIRIE (AP) — Penske Truck Leasing will invest $5.1 million to build a leasing and maintenance facility in the Elmwood area of Jefferson Parish.
Company spokesman Alen Beljin said Penske is planning a 16,664-square-foot structure to replace its 40-year-old existing structure in Elmwood.
The new building will have a larger garage and service area for vehicles and will handle a variety of operations for the company. Once the new structure is completed, the old building will be demolished, Beljin says.
Voelkel McWilliams Construction of Mandeville has been awarded the construction contract.
Beljin says completion is expected in 2015.
Penske’s current operation is on Hord Street in Elmwood.
GAO denies protest over Coast Guard patrol cutters
PASCAGOULA, Miss. (AP) — The Government Accountability Office has denied a protest from two Mississippi shipbuilders over the award of design contracts for U.S. Coast Guard offshore patrol cutters.
VT Halter Marine and Ingalls Shipbuilding protested the February award of contracts to Maine-based Bath Iron Works Corp., Florida-based Eastern Shipbuilding Group Inc. and Louisiana-based Bollinger Shipyards Lockport LLC.
Each of the three companies received a preliminary and contract design award worth about $22 million. There are plans for 25 of the ships, which could be worth more than $11 billion in contracts.
In a 21-page report made public Monday, the GAO said Ingalls and VT Halter Marine did not demonstrate that the selection process was unequitable and found no merit to their challenges based on technical or past performance evaluations.
Ingalls chose to protest after receiving a debriefing of the offshore patrol cutter evaluation in February, Ingalls spokesman Bill Glenn said at that time.
The Coast Guard has said that phase II of the process will narrow the competition further and choose one company for detailed design and construction of one ship.
That contract will include options for 10 more vessels.
The cutter — which will accommodate aircraft and small boat operations in all weather — is meant to replace the Coast Guard’s aging fleet of 210-foot and 270-foot medium Endurance Cutters.
Godzilla’s owners, brewery, settle case over beer
LOS ANGELES (AP) — A New Orleans brewery has agreed to change the name of one of its beers after it was sued by the company that owns the rights to the movie monster Godzilla.
Attorneys for Toho Co. Ltd. announced Wednesday that it had settled a trademark infringement lawsuit with the New Orleans Lager & Ale Brewing Co.
The deal requires the brewery to change the name of its Mechahopzilla beer by the end of the year.
Chad Grand, an attorney for the brewery, said it would shorten the name to Mecha and continue to use a lizard-like creature to market it.
Toho will have to approve the changes, company attorney Chuck Shephard said.
Toho sued the brewery in September, claiming the name and logo of the beer were copycats of Godzilla’s mechanical doppelganger, Mechagodzilla, which has appeared in five films since its debut in 1974.
The brewery’s attorneys argued the beer was a parody. The case filed in a New Orleans federal court was settled before a judge ruled on its merits.
Toho has filed more than 30 lawsuits since 1991 over unauthorized uses of Godzilla and related characters.