MidSouth Bank isn’t stopping in its active role in the region’s acquisition fever, as evidenced by Tuesday’s announcement that the bank will purchase First Louisiana National Bank, headquartered in Breaux Bridge.
According to a release from MidSouth, the purchase agreement calls for an $11.5 million cash payment and 725,000 shares of MidSouth’s common stock to close the deal, which will add roughly $115 million in assets to MidSouth’s portfolio.
“First Louisiana National Bank is a healthy bank with a strong consumer market franchise,” MidSouth Bank President and CEO Rusty Cloutier says in the release. “We are confident there are tremendous opportunities to increase lending in St. Martin Parish, by leveraging access to MidSouth’s additional products and services, supported by a more technologically advanced banking platform and a much larger network of retail banking centers and ATMs.”
First La. National’s Lafayette location will close and merge with a nearby MidSouth branch on Moss Street. The MidSouth operations center in Breaux Bridge at 728 Berard St. will expand once the acquisition is final, but MidSouth’s Breaux Bridge banking operations will move from its Berard Street location to First La. National’s Mills Avenue branch. First Louisiana National in St. Martinville will remain open after the purchase.
Although MidSouth is headquartered in Lafayette, the regional financial institution is no stranger to the Breaux Bridge/St. Martin market. Cloutier points out that MidSouth’s purchase of Breaux Bridge Bank and Trust in 1987 helped pave the way for the bank’s expansion from a $28 million bank almost 25 years ago to a bank with $1.2 billion in assets as of July 31.
“We’re a tight-knit community, and MidSouth Bank shares our banking philosophy,” says First Louisiana National Bank Chairman Randy P. Angelle. “That is why we are confident this transaction will be good for our shareholders and employees, and — importantly— for our customers.”
Project Front Yard has been launched to help us change our image and our habits.
Alleged victim is a Navy vet with brain trauma resulting from a car accident three decades ago.
Richard Buswell was sentenced Tuesday to more than 10 years in prison for his role in an investment scheme that defrauded his clients of more than $6 million.
Lafayette Regional seeking new leadership after longtime director Greg Roberts’ June resignation.
The U.S. rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999.
The state labor department figures released Friday show the initial claims decreased to 2,068 from the previous week's total of 2,071. For the comparable week a year earlier, there were 2,494 claims.
The struggle for control of the regional flood authority board and its lawsuit against oil and gas companies for wetlands damage has taken an unexpected turn.
U.S. District Judge Carl Barbier agreed several weeks ago to change the compensation formula for any future payments, but he ruled Wednesday that a deal is a deal when it comes to money BP has already paid out.
IberiaBank has already retrofitted many of the Teche Federal Bank locations it acquired in a buyout earlier this year, but some residuals from the estimated $161 million deal are still playing out, namely a federal lawsuit alleging the theft of sensitive information by two former Teche executives.
Both join Russo as brand developers.
Targets of an investigation of alleged corruption within the settlement program for compensating victims of the 2010 Gulf of Mexico oil spill will be in federal court Tuesday.
Excitement over Bell Helicopter’s 505 Jet Ranger X is growing, as is the international demand for the state-of-the-art chopper, which will soon be manufactured at the company’s first-ever Louisiana assembly facility in Lafayette.
The Louisiana Hospital Association, Louisiana Nursing Home Association, Louisiana Pharmacists Association, ambulance providers and intermediate care facilities are pooling their resources and planning for a statewide media buy to promote the passage of the first two constitutional amendments on the November ballot.
New report also reveals negative results of Medicaid cuts.
The Pentagon says two Louisiana companies have Navy contracts worth a total of $26.8 million.
Newcomer to Top 50 among five companies selected for Naval contract
Both sets of figures — adjusted to cancel out seasonal changes — were released by the U.S. Labor Department.
Texas declined by five rigs, West Virginia dropped three and Louisiana was down two.
A federal appeals court in New Orleans has upheld a federal safety board's right to investigate the role of Transocean Deepwater Drilling Corp. in the 2010 Gulf of Mexico oil disaster.
A supporter of a lawsuit against the oil industry has been re-nominated to a seat on a south Louisiana flood control board despite opposition from Gov. Bobby Jindal.
The nominating committee for the Southeast Louisiana Flood Protection Authority-East was set Thursday to nominate applicants for two people on the board whose terms have expired.
Restaurant could see ‘a little facelift,’ Bobby Butcher tells Daily Report.
Attorney General Buddy Caldwell says he won't approve a Cameron Parish Police Jury resolution to hire outside attorneys for such a lawsuit until the resolution is amended. Caldwell's Sept. 15 letter says the resolution must make clear that those attorneys will represent the parish alone — not the state.
Michelle D. Lavergne, who worked for the Lafayette law office of L. Clayton Burgess for 13 years, faces up to 10 years in prison.
Sonnier, former media buyer and account exec at Sides, joins Acadian companies as marketing specialist; Maggard, who most recently worked for Potenza, joins Russo as director of media and PR.