Once the deal is finalized later this year, Jennings-based Jeff Davis Bank will have $704 million in assets.
Jennings-based Jeff Davis Bancshares has entered into a definitive agreement to buy Guaranty Capital Corp., the holding company of Guaranty Bank of Mamou.
Completion of the transaction is subject to customary closing conditions, including regulatory approvals and the approval of GCC's shareholders. The transaction has been approved by the boards of directors of both companies and is expected to close in this year's fourth quarter.
Tyler C. Williams, Jeff Davis Bank's marketing director, tells ABiz the value of the deal won't be disclosed until Guaranty shareholders approve the transaction.
Following the merger, JD Bancshares' subsidiary, Jeff Davis Bank & Trust, will add four branches to its southwest Louisiana footprint, as well as approximately $145.5 million in assets and $128.9 million in deposits. Jeff Davis Bank currently has 14 branches and plans to build two more full-service banking centers in 2013.
The newly combined entity will have approximately $704 million in total assets and $614 million in deposits.