Investar Bank plans to acquire the $107 million asset First Community Bank in Hammond, the banks said Monday.
Terms of the deal were not disclosed.
First Community has a location in Hammond and one in Mandeville, which will lift Investar to a total of nine locations in southeast Louisiana and strengthen its presence in the New Orleans area.
Investar already has two branches in Baton Rouge and one each in Denham Springs, Port Allen, Prairieville, Mandeville and Metairie.
Investar said it is awaiting regulatory approval for a 10th location, which will be in Lafayette.
Investar, which had total assets of $375 million on Dec. 31, said the First Community acquisition is expected to close in the second quarter following regulators’ approval. The bank said no jobs are expected to be eliminated as part of the transaction.
First Community’s Mandeville location will be part of Investar’s New Orleans-area franchise. Investar entered the market recently with an office at 500 Veterans Blvd. in Metairie and one at 2929 Highway 190 in Mandeville.
“The northshore of Lake Pontchartrain and all of New Orleans are important regions for Investar Bank,” said John D’Angelo, president and CEO.
Stephen E. Wessel is Investar’s New Orleans regional president.
Cordell H. White, who is CEO of First Community, will serve as Investar Bank regional president for Livingston and Tangipahoa parishes.
Investar said First Community customers will see no changes in their banking services.
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