NEW ORLEANS - Hibernia Corp. said shareholders of FNB Bancshares approved the merger of the two companies.

FNB is the parent company of $51 million-asset First National Bank of Lake Providence, which has two offices in northeast Louisiana.

The transaction, already approved by regulators, becomes effective Jan. 1.

The merger will increase Hibernia's coverage of northeast Louisiana to five parishes from three and its regional market share to 22% from 19%, the bank said.

FNB shareholders will get 92 shares of Hibernia for each FNB share in a tax-free pooling of interests valued at about $9.5 million.

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.