The holding company for St. Martin Bank & Trust Co. has announced plans to acquire Church Point Bank & Trust.
The holding company for St. Martin Bank & Trust Co. has announced plans to acquire Church Point Bank & Trust.
The announcement came in a press release issued late last week that St. Martin Bank was in the process of acquiring Church Point Bank - which has assets of $47 million and $42 million in total deposits - in a deal expected to close by year's end. The press release did not include the estimated value of the acquisition.
The plans include turning the Church Point-based bank into a new branch of St. Martin Bank, adding to its existing 11 branches found throughout St. Martin, Lafayette, Jefferson Davis and Acadia Parishes.
"This transaction enables us to further expand our geographic footprint within the Acadiana area," says St. Martin Bank President and CEO Paul Durand in a prepared statement. "We believe that our strong record for serving the small and mid-sized businesses and individuals in our market area will resonate with the customers served by Church Point Bank & Trust. We look forward to providing the bank's customers with the high level of customer service for which we are known, in addition to a broader range of products and services than are currently available to them."
Also commenting on the buyout was Church Point Bank President and CEO Jerome Lambert, who issued this statement:
We are pleased to be joining the St. Martin Bank & Trust family and look forward to the benefits that this affiliation will offer our employees and customers, including an expanded branch network throughout the Lafayette metropolitan area. We are excited to join an organization with such a strong commitment to its customers and to community banking and look forward to working to support its continued growth within Church Point and beyond.
As of June 30, 2014, St. Martin Bank, which is headquartered in St. Martinville, reported total assets of $460 million.