By weekend’s end, First Louisiana National Bank signs in Lafayette, Breaux Bridge and St. Martinville will read MidSouth Bank.
MidSouth, headquartered in Lafayette, has completed its $11.5 million purchase of Breaux-Bridge based First Louisiana National, a three-branch bank with $115 million in assets. The purchase agreement also includes 725,000 shares of MidSouth common stock.
“What we acquired in First Louisiana is a healthy, well-run bank with a strong consumer market franchise,” says MidSouth Bank President and CEO Rusty Cloutier in a press release. “This purchase is about two local community banks teaming up to better serve customers. We both believe we will be able to increase lending in St. Martin Parish by leveraging access to MidSouth’s additional products and services, which are supported by a more technologically advanced banking platform and a much larger network of retail banking centers and ATMs.”
First Louisiana National’s Lafayette location will close on Dec. 16 and merge with a nearby MidSouth branch on Moss Street, since the two locations “are virtually side-by-side,” according to the release. The MidSouth operations center in Breaux Bridge at 728 Berard St. will expand, but MidSouth’s Breaux Bridge banking operations will move from its Berard Street location to First La. National’s Mills Avenue branch in the first quarter of 2012.
The merging of systems, products and services will take place the weekend of Dec. 17, according to the release.
“Today we join forces with a familiar and trusted brand that has long been a friendly competitor,” former First Louisiana executive James Fontenot, now the vice president/commercial lender for MidSouth Bank, says in the release. “The reality is that it is increasingly difficult for small banks to absorb the financial burden of more stringent regulatory requirements. And when you couple that with the uncertainty of the economic environment, you realize there is strength in numbers.”
MidSouth, a subsidiary of MidSouth Bancorp Inc., had $1.2 billion in assets as of Sept. 30 and boasts 40 locations throughout Louisiana and Texas.
Black Friday shopping begins; Pope visiting Turkey; oil prices decline and more national and international news for Friday, November 28, 2014.
Casual cool for Thanksgiving
Shop Lafayette goes strong
The fight to clean up Lafayette Parish could get some added ammunition with two ordinances up for votes Tuesday by the City-Parish Council targeting litter-bugs.
A divided 3rd Circuit Court of Appeal reversed a Lafayette district judge’s ruling absolving the co-owner of a New Iberia accounting firm of liability in an embezzlement case.
Our View: It’s reasonable, temporary and invests in Lafayette’s future.
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By striking a deal to lessen the blow of health insurance changes on state workers, school employees and retirees, Gov. Bobby Jindal's administration lowered the volume of criticism but gave itself and local school boards a new budget headache.
With the airport tax coming up for a parishwide vote in about a week, the Broussard City Council and its mayor have come out in support of the proposal.
Protesters rallied peacefully in several Louisiana cities in the wake of the Missouri grand jury decision not to indict a police officer in the fatal shooting of Michal Brown.
Three bedroom in Port Barre or two bedroom in Opelousas
The U.S. rep billed LSU for work allegedly performed on the same days Congress voted on major legislation and held important committee hearings on energy and the ACA.
“I am only getting a little nervous about two projects — the proposed Sasol GTL facility [not the new ethylene plant] and the proposed G2X facility — both in Lake Charles. They need a hefty difference between oil and natural gas prices to make sense.”
Abysmally low participation by the public has prompted the council to scuttle the 2014 survey with plans to simplify it and try again next year.
The village now says the ordinance will likely be overturned and authorities will more vigorously enforce existing leash laws.
Lower oil prices also might slow the growth of oil production in parts of the U.S., Canada and elsewhere because it will no longer be so profitable.
Bill Cassidy cast an early ballot Tuesday, seeking to draw renewed attention to a race that has fallen off newspaper front pages and away from people's minds as they plan holiday meals and shopping schedules.
A Lafayette woman faces up to 20 years in prison for running up more than $1 million in unauthorized charges to her company credit card.
Signs that our state’s banking industry is undergoing a downsizing in 2014 were further confirmed today with the FDIC’s latest figures showing a third straight quarter in which Louisiana lost more banks and earned less money.
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State police say a 47-year-old Lafayette man, who collected more than $83,000 in disability benefits, is accused of operating two businesses out of his home at a time when he claimed he had no income.
Battered all night by Baltimore's relentless pass rush, Drew Brees could feel his protection collapsing and Terrell Suggs getting ahold of him as he urgently unloaded a pass to the right flat toward tight end Jimmy Graham.
After a convincing defeat at the polls on Nov. 4, Earl “Nickey” Picard has decided to let bygones be bygones with his former right-hand man Brian Pope, announcing his support for his former employee’s runoff bid to become Lafayette’s next city marshal.
Saturday the athletic department did everything possible to ensure the 2014 Ragin’ Cajun seniors remembered fondly their last home game. Rain and lightning never arrived but turbulence did in the form of the Appalachian State Mountaineers.
Even stranger than the Republican Party’s decision to hold a “unity rally” earlier this month for Congressman Bill Cassidy in a Baton Rouge bar, Huey’s Bar, was the fact that the establishment was named after Louisiana’s most famous Democrat.
Bar Code is not a gay bar.
After failing to pass a medical marijuana bill last year, state Sen. Fred Mills, R-Parks, is telling supporters he will return in 2015 with legislation that focuses on different applications like oils and pills.
Voters, obviously, are not yet tuned into the 2015 ballot, despite the intriguing races it will host.
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Saints Street cottage or River Ranch condo