Whitney Holding Corp. said it has agreed to buy Louisiana National Security Bank for $32 million in stock.
With $105 million of assets, Louisiana National is based in Ascension Parish. It also has branches in Donaldsonville, Gonzales, and Oak Grove.
Whitney said Louisiana National shareholders would get about $996 per share worth of Whitney common stock.
The deal, which would be a pooling of interests, is subject to Louisiana National shareholder and regulatory approval. It is expected to close in the first half of 1998, Whitney said.
Based in New Orleans, Whitney Holding has $4.2 billion of assets and 100 branches in Louisiana, Mississippi, Alabama, and Florida.