St. Martin Bank and Trust in St. Martinville, La., said it has agreed to buy American Bank in Welsh, La., for about $15 million in cash.
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The $61.5 million-asset American would extend its six-branch network westward with the acquisition by adding three branches in Jefferson Davis Parish and one in Acadia Parish.
St. Martin is a unit of the $200 million-asset Saint Martin Bancshares Inc. American is a unit of the $314 million-asset multibank holding Community Bancorp of Louisiana Inc., which also owns the $252 million-asset Community Bank in Raceland, La.
The deal was announced Monday and is expected to close late this year.
