Globe Bancorp in Metairie, La., said it has a preliminary agreement to sell itself to a New Orleans investment group.
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The $30 million-asset Globe announced last week that it had signed a letter of intent with an undisclosed buyer. The deal remains subject to a number of contingencies, including the establishment of a definitive agreement, a sale price, a due diligence examination, and approvals from shareholders and regulators. Globe expects the due diligence to be completed this month.
Globe Bancorp is the parent of the 70-year-old Globe Homestead Savings Bank. For the first three quarters of last year it posted a return on equity of 3.65%, and its earnings fell 10% from a year earlier, to $150,000.
