NEW ORLEANS -- Hibernia National Bank has signed an agreement to buy $93 million-asset American Bank, Norco, La. Subject to regulatory approval, the $18.3 million deal gives Hibernia five banking offices in St. Charles Parish and should be completed by early 1995.
Based on Hibernia's Friday closing price of $8.125 a share, shareholders of American would receive approximately 4.6 shares of Hibernia for each share of American.
Hibernia is Louisiana's largest statewide bank. Pending all mergers, the bank will have $6.3 billion of assets and 152 banking offices.