NEW ORLEANS - First Commerce Corp. said it had completed its acquisitions of First Bank of Slidell and City Bank and Trust Co., New Iberia.
First Bank was merged with First National Bank of Commerce in New Orleans. City Bank was merged with First National Bank of Lafayette.
First Commerce will issue approximately 2.7 million shares of its common stock in the First Bank acquisition. One share of First Bancshares will be exchanged for 3.19 shares of First Commerce common stock.
In the City Bank acquisition, First Commerce will issue about 515,000 shares of its common stock. One share of City Bancorp will be exchanged for 5.16 shares of First Commerce common.
The First Bank and City Bank acquisitions will add $325 million of assets to First Commerce's $6.6 billion.