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.

Baton Rouge-based Investar Holding Corp.'s financial services arm, Investar Bank, expects to expand its headquarters and hire more employees in the coming years. 

Investar Bank told Louisiana's economic development department that it expects to use the quality jobs tax incentive program in exchange for jobs created. Investar Bank estimated that it expects to spend $500,000 on its Coursey Boulevard office by 2021 and hire another 40 employees in the coming years and support a handful of construction jobs. The bank already has 265 employees across the business, with an estimated payroll of $13.2 million. 

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. 

"Investar’s strategy is to continue to grow its banking operations in Louisiana as well as expand operations in other states, resulting in additional jobs being created in the state of Louisiana," the bank said in a statement.

Over the next two years, the bank expects to invest $6 million in new and renovated branches across Louisiana. The bank has been acquiring other financial institutions and been profitable in recent years. As of first quarter, it generated net income of $3.9 million, up from $2.4 million, an increase of 62 percent, year over year. It had more than $1.9 billion in total assets as of March 31.

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Email Kristen Mosbrucker at kmosbrucker@theadvocate.com.