Investar Holding in Baton Rouge, La., has agreed to buy Bank of York in Alabama.
The $2 billion-asset Investar said in a press release Tuesday that it will pay $15 million in cash for the $99.5 million-asset Bank of York. The deal is expected to close in the fourth quarter.
Bank of York, which has $82.3 million in deposits and $46 million in loans, will be allowed to make $1 million in cash distributions to its shareholders prior to closing. The bank has branches in York and Livington, along with a loan production office in Tuscaloosa.
The move marks Investar’s entry into Alabama.
“Expansion into Alabama enhances our regional footprint and provides the opportunity for additional mergers and acquisitions” along the Gulf Coast, John D’Angelo, Investar’s president and CEO, said in the release.
Janney Montgomery Scott and Fenimore, Kay, Harrison & Ford advised Investar. National Capital and Maynard Cooper & Gale advised Bank of York.
