Investar Holding in Baton Rouge, La., has agreed to buy BOJ Bancshares in Jackson, La.
The $1.2 billion-asset Investar agreed to pay about $22 million in cash and stock for BOJ, the holding company for the $150 million-asset Highlands Bank. The deal is expected to close in the fourth quarter.
"Investar is extremely excited to expand in the Baton Rouge market through the acquisition of Highlands Bank," Investar CEO John D’Angelo said in a news release Monday. The acquisition "fits our strategy of expansion through extensions of our existing markets.”
Highlands Bank has five branches in the Baton Rouge area.
Investar closed its purchase of the $254 million-asset Citizen’s Bank in Ville Platte, La., in July.
Investar was advised by Sandler O’Neill and Fenimore, Kay, Harrison & Ford. BOJ was advised by Kantrow, Spaht, Weaver, & Blitzer.