Investar Bank in Baton Rouge, La., has agreed to buy First Community Bank in Hammond, La.
The $107 million-asset First Community has two branches in southeastern Louisiana. Investar said it expects to complete the deal in the second quarter. First Community Bank will adopt the Investar brand.
The $357 million-asset Investar opened two branches in the New Orleans area last year. Cordell White, First Community's chief executive, will become a regional president for Investar after the deal closes.
"The north shore of Lake Pontchartrain and all of New Orleans are important regions for Investar," John D'Angelo, the bank's president and chief executive, said in a press release Monday. "With our exceptionally strong capital, which is always reassuring to customers but is even more so during today's economic challenges, we have the capacity to help small businesses grow and individuals and families prosper."
Investar will have 10 branches, all in Louisiana, $387 million in loans and $386 million in deposits.
The price of the deal was not disclosed.
