First NBC Bank Holding in New Orleans has agreed to raise its purchase price for State Investors Bancorp and has delayed the targeted completion date.
The $4.1 billion-asset First NBC had agreed to purchase State Investors for $51 million and will now pay an additional consideration tied to how much longer it takes to close the deal, according to a news release Thursday.
First NBC also agreed to pay State Investors a $250,000 termination fee if the deal does not close by Dec. 31, according to a regulatory filing. The sale of the $262 million-asset State Investors in Metarie, La., was initially slated to close by Aug. 30.
No reason was given for the postponement.
First NBC earlier this month delayed the release of its 10-Q after it discovered an accounting error.
The deal has been approved by the boards of both companies, by State Investors' shareholders and by the Louisiana Office of Financial Institutions. It still requires approval from the Federal Deposit Insurance Corp. and the Federal Reserve Board.