NEW ORLEANS -- Shareholders of Bastrop (La.) National Bank and Commercial Bancshares of Franklin, La., have approved the companies' plans to merge into Hibernia Corp of New Orleans.
The votes clear the way for both transactions to be completed July 1.
The Bastrop merger has also been approved by regulators. Shareholders will receive shares of Hibernia stock in a tax-free pooling of interests valued at $21.5 million.
The Commercial Bancshares transaction is also a pooling of interests, valued at $18.7 million. Conversion of both acquired companies to Hibernia National Bank's systems will take place in several weeks, said Hibernia president and chief executive Stephen A. Hansel.
The merger of $123 million-asset Bastrop and four more -- including Commercial's -- that are pending would increase Hibernia's assets to $6.3 billion from $5 billion.