Red River Bank buys Home Bank branch

Alexandria-based Red River Bank has purchased the Home Bank building at 8810 Bluebonnet Blvd. for $1.35 million, but said it has no immediate plans to open up a branch in the location.

Red River bought the bank from Dupree Contractors LLC in a deal that was filed with the East Baton Rouge Clerk of Court’s office Wednesday. This was the second major deal for Red River in the past week; on Tuesday the bank paid $2.4 million for the former Teche Federal branch at 5603 Essen Lane. The plan is to open that location as a Red River branch in January.

Joanie Montelaro, who serves as Red River’s Baton Rouge market president, said the bank will serve as landlord for the Home Bank branch for the time being. Along with converting the Teche branch on Essen, Red River is building a branch in the Acadian-Perkins Plaza Shopping Center that will open sometime in 2015.

“We really like the location of this property,” Montelaro said about the Bluebonnet branch. “(We) think it will serve as a great complement to our other Red River branch locations across the greater Baton Rouge market.”

Red River currently has five branches in Baton Rouge and 19 across Louisiana.

Follow Timothy Boone on Twitter, @TCB_TheAdvocate.