NEW ORLEANS -- Hibernia Corp. said it had signed a definitive agreement to acquire Commercial Bancshares of Franklin, La., for about $18.7 million in stock.
Hibernia said the acquisition was part of its plan to expand and strengthen its 101-location statewide banking franchise.
Hibernia said the addition of Commercial Bancshares' First Commercial Bank, which has $165 million of assets, will more than double its coverage in the Acadiana region of southern Louisiana.