La.'s First Commerce plans to acquire City Bancorp for $14 million in stock.

First Commerce Corp., New Orleans, has signed a letter of intent to acquire City Bancorp of New Iberia for approximately $14 million in stock.

City Bancorp is the holding company for City Bank and Trust Company of New Iberia, which has $90 million of assets.

First Commerce, which has $6.4 billion in assets, said it would fold City Bank and Trust into its First National Bank of Lafayette subsidiary.

City Bank and Trust has six offices in New Iberia and is the third-largest bank in Iberia Parish, where First National of Lafayette operates two branches.

The transaction is expected to be completed in the fourth quarter, pending regulatory and shareholder approvals.

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