Lafayette-based MidSouth Bank N.A. will buy Breaux Bridge-based First Louisiana National Bank for around $19.3 million in cash and stock.
First Louisiana National Bank has total assets of approximately $115 million. In addition to its headquarters in Breaux Bridge, the bank has branches in Lafayette and St. Martinville.
The deal includes $11.5 million in cash and 725,000 shares of MidSouth’s stock, worth around $7.8 million at Monday’s closing price of $10.73 per share.
“First Louisiana National Bank is a healthy bank with a strong consumer market franchise,” said Rusty Cloutier, MidSouth Bank’s president and chief executive officer, in a news release. “We are confident there are tremendous opportunities to increase lending in St. Martin Parish, by leveraging access to MidSouth’s additional products and services, supported by a more technologically advanced banking platform and a much larger network of retail banking centers and ATMs.”
MidSouth Bank is owned by MidSouth Bancorp Inc., which had assets of $1.2 billion as of July 31.