DeRidder-based Louisiana Community Bancorp and Tri-Parish Bancshares of Eunice have signed a definitive agreement to enter into a strategic combination that will form a five-bank holding company, becoming one of the 10 largest banking institutions based in the state.
The resulting bank holding company will have total assets nearing $1.2 billion, with 24 offices in 11 different parishes. LCB will operate five separately chartered bank subsidiaries, including City Savings Bank of DeRidder; Coastal Commerce Bank of Houma; Kaplan State Bank; Teche Bank and Trust, headquartered in St. Martinville; and Tri-Parish Bank.
Donnie Landry will remain president of Tri-Parish, along with the bank’s management and lending team as they continue to service customers in both the communities of Eunice and Lafayette.
“This partnership is consistent with the strategic objectives of our company, and will enable us to access the resources needed to better serve our markets while remaining true to our community bank roots,” says Landry in a release announcing the merger. “Along with our board of directors, I believe this transaction will benefit our shareholders, our customers, our employees and the communities we have served since 1944.”
The boards of directors of each company have unanimously approved the transaction, which is expected to close before the fourth quarter of 2016, subject to shareholder and regulatory approvals.