ATLANTA -- Premier Bancorp, Louisiana's third largest bank company, said- Monday it will gain a toehold in New Orleans by buying Alerion Corp. for $47 million in cash.

Alerion, a privately held company owned by the Ferruzzi family of Italy, has nine offices and $341 million of assets. The deal - valued at 138% of book value - is expected to close by yearend.

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.