Investar Bank

Investar Holding Corporation, the parent company of Baton Rouge-based Investar Bank, said Wednesday all of the necessary shareholder and regulatory approvals have been obtained for its $15 million purchase of an Alabama bank.

Shareholders with the Bank of York in York, Alabama, approved the deal at a shareholder meeting Wednesday. The move means that Investar expects to close the purchase on Nov. 1.

Investar Holding Corp., the Baton Rouge-based parent company of Investar Bank with an office in Lafayette, generated $4.9 million during second quarter, which is about 48 cents per common share.

That's up from $3.8 million, or 39 cents per share, for the second quarter of 2018.  

Investar Bank's profits were higher in part due to new revenue from Mainland Bank, which was based in Texas City, Texas and had $127 million in total assets. Investar Bank closed on its deal to acquired Mainland in March. 

Most of Investar Bank's loans are to businesses, its commercial lending portfolio increased from $432.9 million in June 2018 to $616 million as of June 30. 

As of July, Investar Bank changed its charter from a state to a national charter. That positions the bank to expand its market footprint, potentially creating more jobs at its headquarters to support the growing operation. 

"We believe the national bank charter fits with our overall multi-state expansion strategy," said John D'Angelo, CEO of Investar Bank in a news release. 

The bank had total assets of $1.9 billion as of June 30. 

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Email Kristen Mosbrucker at kmosbrucker@theadvocate.com.