Union Savings and Loan Association in New Orleans has agreed to buy Hibernia Bancorp in New Orleans.
The $82.7 million-asset Union said in a press release Monday that it will pay $28.2 million in cash for the parent of the $136.5 million-asset Hibernia Bank. The deal is expected to close in the second quarter.
Union said it plans to change its name to Hibernia Bank after completing the deal.
“The combination of our local community institutions will provide all current and future customers with greatly enhanced banking opportunities,” Stephen Schonberg, Union’s president and CEO, said in the release. “Together, we will still be able to provide the same level of excellent personal service our customers expect through an expanded branch network.”
Union was advised by FIG Partners and Luse Gorman. Hibernia was advised by Banks Street Partners and Silver, Freedman, Taff & Tiernan.