First NBC and State Investors to extend merger agreement to December
First NBC Bank Holding Company and State Investors Bancorp, Inc. announced on August 27 that they will extend their merger agreement to December 31 this year.
The merger was unanimously approved by both the companies' boards of directors. The shareholders of State Investors approved the merger through a requisite vote.
Fist Bank's chartering authority. Louisiana Office of Financial Institute also approved the merger. It awaits approvals from the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation. It also requires the approval of other closing conditions.
The expiration date of the companies' merger agreements is extended from August 30 to December 31. The extension agreement requires First NBC to pay the shareholders of the State Investors an additional $21.25 per share. This is considered a fee, which is 5 percent a year.
First NBC Bank acquired 120-year-old State-Investors Bank for $51 million. One of the youngest banks in the region bought one of the oldest in the community. First NBC will have an additional $269 million in total assets and $213 million in total loans through this acquisition.
They expect the merger to close by June, but it seems like the completion will take longer than expected.
First NBC is based in New Orleans, Louisiana. It offers various financial services. Its primary markets are Mississippi Gulf Coast, New Orleans metropolitan area, and the Florida panhandle.
It has 35 full-service banks all over its market area. First NBC also has a loan production office located in Gulfport, Mississippi.
State Investors, the holding company for State-Investors Bank, has four full-service banking offices located in New Orleans. Its common stock trades in the Nasdaq Capital Market under "SIBC." As of June 30,015, its total assets was $262.3 million, a total deposit of $151.2 million, net loans receivable of $206.9 and shareholders' equity of $42.5 million.
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