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The company said it is executing on an initial reduction of 20 percent of the authorized shares, as a continuing effort to provide clarity for shareholders.
Additional authorized shares represent approximately four percent of the company's total shares currently issued and outstanding.
The company has also filed a preliminary proxy to increase the authorized shares of the company, with a record date of December 8, 2011 and a special meeting date of January 24, 2012.
The company is also seeking approval at a shareholders meeting this week for a massive increase in the number of authorized shares outstanding, from 300 million to 1.5 billion.
The number of authorized shares of Common Stock under the company's Restated Certificate of Incorporation has been proportionately reduced from 100 million shares to 10 million shares.
IBERIABANK Corporation (NASDAQ: IBKC) said the company's stockholders have approved doubling the number of authorized shares of common stock.

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