First NBC Bank Holding Co. in New Orleans, the parent company of First NBC Bank, has completed its acquisition of State Investors Bancorp Inc., the parent of State-Investors Bank.
Shareholders of State Investors will receive $21.51 per share in cash. Together with consideration to optionholders, the transaction is valued at about $50.8 million.
The acquisition of State Investors expands First NBC’s presence in the New Orleans metropolitan area.
As of Sept. 30, First NBC had total assets of about $4.3 billion. State Investors had total assets of about $248.9 million.
“This transaction presented us with an opportunity to acquire a well-established community bank in our market with a strong and proven credit history and a similar commitment to its customers and employees,” said First NBC President and Chief Executive Officer Ashton J. Ryan Jr.
“We expect that our combination with First NBC will be seamless and beneficial to our customers,” said Tony Sciortino, president and CEO of State Investors and State-Investors Bank. “First NBC’s platform will enhance our customers’ access to financial services through a broader branch footprint in our market and an expanded portfolio of financial products and services.”