Hibernia National Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Founded | April 1870 |
| Founder | Patrick Irwin, Hugh McCloskey, Thomas Fitzwilliam |
| Defunct | November 2005 |
| Fate | Acquired by Capital One |
| Headquarters | New Orleans , United States |
Area served | Louisiana, Texas |
Key people | Martin C. Miler (President and Chairman from 1973) |
| Products | Banking, Insurance (after 2000 acquisition of The Rosenthal Agency) |
Hibernia National Bank operated as a bank with its headquarters located in New Orleans, Louisiana, primarily serving the regions of Louisiana and Texas. It functioned as the principal subsidiary of Hibernia Corporation, a bank holding company, until it was acquired by Capital One in November 2005.
The name Hibernia derives from the classical Latin name for Ireland, which is symbolized in the bank’s emblem featuring a harp, the national icon of Ireland.
History
Established in April 1870 by three Irish-American entrepreneurs—Patrick Irwin (President), Hugh McCloskey (Vice-President), and Thomas Fitzwilliam (Secretary)—the Hibernia Bank & Trust Company commenced its operations that September in New Orleans.
In 1973, Martin C. Miler, previously associated with First Union, was appointed president and chairman by the board. Following Louisiana's 1975 authorization of multi-parish banking, Hibernia experienced rapid growth and emerged as the state’s largest bank by assets by 1983. Importantly, it maintained minimal involvement with the petroleum industry.
Hibernia expanded into Texas in 1989 by acquiring the failed First State Bank of Pflugerville, followed by the purchase of BancTexas in 1990, which was also a failed institution. The bank saw steady growth from 1973 until 1990, when the savings and loan crisis caused financial setbacks including losses, dividend reductions, and capital requirements.
Upon Miler’s retirement in 1991, Hibernia divested its Texas branches to Comerica for $63.1 million in 1992 and restructured its capital by transferring majority ownership to Chase Manhattan Bank in exchange for debt alleviation.
Branching out beyond traditional banking services, Hibernia acquired The Rosenthal Agency in 2000 to enter the insurance sector. In 2003, it re-established its presence in Texas through the acquisition of Coastal Bancorp and declared intentions to grow its branch footprint there.
The institution was ultimately purchased by Capital One in November 2005. The final acquisition price was reduced due to the effects of Hurricane Katrina on New Orleans.