MidSouth Bank NA, of Lafayette, will buy First Louisiana National Bank, of Breaux Bridge, for around $19.3 million in cash and stock.
First Louisiana National Bank has total assets of about $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,” MidSouth Bank President and Chief Executive Officer Rusty Cloutier said 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.