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MidSouth Bancorp Inc. in Lafayette, La., has agreed to buy a branch in Tyler, Texas, from Beacon Federal Bancorp Inc.
August 17 -
Expectations had been high that 2011 would bring some serious moving and shaking among community banks. But the murky economy and regulatory uncertainty have discouraged buyers, turning them skeptical and picky.
June 10 -
Four banks based in the state have agreed to sell since December, when Hancock Holding of Gulfport, Miss., said it would buy Whitney, a New Orleans stalwart.
April 6
MidSouth Bancorp Inc. said Tuesday it will buy First Louisiana National Bank for $11.5 million in cash and 725,000 shares of common stock.
First Louisiana, based in Breaux Bridge, has $115 million of assets and three branches, according to a press release.
"First Louisiana National Bank is a healthy bank with a strong consumer market franchise," said Rusty Cloutier, chief executive of MidSouth, which is based in Lafayette. "We are confident there are tremendous opportunities to increase lending in St. Martin Parish."
MidSouth has done deals in the area before, Cloutier said. Its first purchase was Breaux Bridge Bank & Trust in 1987. "This market has helped drive our success and expansion. We were a $28 million bank when we came here in 1987, and by the end of 2011 we expect to exceed $1.4 billion in assets with over 40 banking locations in Louisiana and Texas."
Regulators and shareholders must approve the deal. It is expected to close before the end of the year. First Louisiana is a subsidiary of First Bankshares of St. Martin, Ltd.
"I've seen more activity than I have in a long period of time," Cloutier said in an interview this spring.
However, Cloutier was among the prospective buyers who said this summer that sellers have unrealistic expectations and are contributing to
"There are banks out there that are worth more than book value or book and a quarter … but there ain't none, in my opinion, worth two times book," Cloutier said. "There is still a Red Sea gap in the market between the buyers and sellers."
MidSouth has been looking for more deals in its home state while making some selective acquisitions in Texas.
It agreed this month to
MidSouth said in April it would buy five Dallas-area branches.
