Despite the moderate economic outlook on the national front, community banks in Lafayette are gaining strength and the cornerstone of that growth, Lafayette's strong economy.
That was the topic of Wednesday's presentation that was held at the Lite Center. The Upper Lafayette Economic Development Foundation held a meeting on the Outlook on Banking 2013.
Presidents, Rusty Cloutier of Midsouth Bank and Jerry Vascocu of IberiaBank spoke to members about how healthy the banking community is in Lafayette.
While the number of banks in the U.S. is likely to continue to decrease in coming years, Lafayette banks are well positioned for continued growth. For example in January of 2007, IberiaBank consisted of 45 branches operating in one state. Now there are over 180 branches operating in six states. IberiaBank grew by over 160%.
"I think Lafayette will be strong for a long time to come no matter what happens in the world. We just have a very good solid economy that will continue I think going on for the next five years. I can't see any reason for it turning south here." says Cloutier.
Lafayette's oil dependent economy, low unemployment, and stable housing market are just a few reasons why local banks are doing so well.