Home Bancorp — the holding company for the Lafayette-based Home Bank — has announced plans to acquire the New Orleans-based Louisiana Bancorp in a deal valued at about $74.5 million. The acquisition was announced in a press release issued Thursday.
According to the terms of the deal, shareholders of Louisiana Bancorp — the holding company for Bank of New Orleans — will receive $24.25 per share in cash once the acquisition is finalized.
Louisiana Bancorp brings total assets of $331 million — including $275 million in loans and $201 million in deposits — to the deal. For Home Bancorp, this means the merger’s completion will raise its total assets up to about $1.5 billion — with $1.2 billion in loans and another $1.2 billion in deposits.
“I’ve admired the way Home Bank does business for many years,” says Louisiana Bancorp President and CEO Lawrence J. LeBon III in a prepared statement. “They treat their customers and employees the way we always have — like family. This merger will help us improve the customer experience, and it provides a great return for our investors.”
The deal is expected to be finalized during the fourth quarter of 2015.
“As a native of New Orleans, it gives me great pleasure to further Home Bank’s investment in and commitment to my hometown through the merger of these two 100-year-old institutions,” adds Home Bank President and CEO John W. Bordelon in a statement included with Thursday’s announcement. “Bank of New Orleans has an exceptional customer base. We are confident the enhanced products and services we offer will allow us to deepen those valued relationships.”