Deposit Guaranty Corp. moved to expand its presence in Louisiana last week with a definitive agreement to acquire Metairie-based Jefferson Guaranty Bancorp.

Deposit Guaranty, based in Jackson, Miss., said last Friday that it would pay $50.6 million in cash and stock for Jefferson Guaranty, or 2.3 times book value. Jefferson Guaranty has $303 million of assets and 11 offices in the southern suburbs of metropolitan New Orleans.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.