Covington-based Resource Bank is expanding to the Baton Rouge market, starting with a loan production office at 4317-B Bluebonnet Blvd. then a branch at 9513 Jefferson Highway.
Resource Bank expects to complete the full-service branch around summer 2017. The bank bought a 1.4 acre tract near the intersection of Jefferson and Bluebonnet Boulevard for $959,705 in a deal that was filed Thursday morning with the East Baton Rouge Clerk of Court’s office.
In addition to Baton Rouge, Resource Bank has nine branches in St. Tammany, Washington, Jefferson and Orleans parishes. The bank had $587.7 million in assets and total deposits of $481.2 million as of March 31.
“The logical expansion was into Baton Rouge,” said Robert “Bobby” Fahey, senior vice president and Baton Rouge market leader.
In Baton Rouge, Resource will concentrate at first on commercial lending and private banking. Once the branch opens, Resource will be able to offer retail services, such as consumer loans, Fahey said.
Like other community banks, Resource’s loans tend to be a little smaller but that doesn’t mean the bank won’t take on larger loans, he said. Resource focuses on small business lending, such as construction loans to builders and real estate loans.
Fahey was senior vice president, commercial and private banking, at IberiaBank.
“I’ve been in Baton Rouge for almost 40 years now working for different banks. The idea of working for a smaller community bank is exciting,” Fahey said.
Follow Ted Griggs on Twitter, @tedgriggsbr.