In April 1870, three Irish-American businessmen co-founded the Hibernia Bank & Trust Company in New Orleans. Patrick Irwin was named the first President, Hugh McCloskey, the first Vice-President, and Thomas Fitzwilliam, first Secretary. In September 1870, the bank began operations. In 1973, the board of directors hired 38-year-old Martin C. Miler, formerly an executive at
First Union, to be the bank's president and chairman. In 1990, the bank acquired BancTexas after it also failed. The bank had positive growth every quarter from 1973 to 1990; however, in 1990, as a result of the
savings and loan crisis, the bank reported a loss, eliminated its
dividend and needed capital. In 1991, Martin Miler retired. The company also recapitalized by giving
Chase Manhattan Bank a majority ownership stake in the company in exchange for debt forgiveness. In 2000, the company entered the insurance business with the acquisition of
The Rosenthal Agency. In 2003, the company re-entered the Texas market with the acquisition of Coastal Bancorp. The company also announced plans to open additional branches in Texas. In November 2005,
Capital One acquired the company. The acquisition price was re-negotiated downward after
Hurricane Katrina struck New Orleans. ==References==