Home Bancorp in Lafayette, La., has agreed to buy Louisiana Bancorp in Metairie.
The $1.2 billion-asset Home said in a press release Thursday that it will pay about $75 million, or $24.25 a share, in cash for the $331 million-asset parent of Bank of New Orleans. The deal is expected to close in the fourth quarter.
Louisiana Bancorp has four branches, $275 million in loans and $201 million in deposits.
"Bank of New Orleans has an exceptional customer base," John Bordelon, Home Bancorp's president and chief executive, said in the release. "We are confident the enhanced products and services we offer will allow us to deepen those valued relationships."
Home said it expects the deal to be accretive to earnings per share in the first full year of combined operations and accretive to tangible book value per share within 3.5 years of closing. Home said it should not need to raise more capital to complete the transaction.
Raymond James and Silver, Freedman, Taff & Tiernan advised Home. Sandler O'Neill and Phelps Dunbar advised Louisiana Bancorp.
