Home Bancorp and Britton & Koontz Capital Corp. join forces in merger valued at about $35 million.
Home Bancorp and Britton & Koontz Capital Corp. have joined forces in a merger valued at $34.5 million.
Britton & Koontz shareholders will receive $16.14 per share in cash with the completion of the company's acquisition by Home Bancorp.
Britton & Koontz operates five branches in Mississippi and three Louisiana branches, all in Baton Rouge, and as of Sept. 30, and reported assets of $313 million, $175 million in loans and $224 million in deposits. For the combined company, total assets will be approximately $1.2 billion, $843 million in loans and $990 million in deposits.
"This acquisition is a great fit for our company on many levels," says Home Bancorp President and CEO John W. Bordelon in a prepared statement Tuesday. "First and foremost is our shared commitment to doing what's best for our customers. As a result, both companies enjoy deep, long-standing relationships which have been, and will continue to be, the key to our success. We are incredibly excited to expand into two culturally rich and historic Mississippi markets. The transaction also doubles out Baton Rouge loan and deposit."
The deal received unanimous approval by the boards of directors for both companies and should be finalized during the first quarter of 2014.