FIG Has Now Completed 94 M&A Transactions Totaling More Than
$4.2 Billion In Transaction Value To Date
ATLANTA, December 12, 2017 — Union Savings and Loan Association of New Orleans has announced a definitive agreement to acquire Hibernia Bancorp, Inc. (OTC “HIBE”) and its wholly-owned subsidiary, Hibernia Bank.
Under terms of the agreement, total consideration will be paid in an all-cash transaction valued at $32.00 per share. The aggregate value of the deal is approximately $28.2 million.
The transaction will create a community bank with five offices and over $200 million in assets. The transaction is expected to be completed in the second quarter of 2018.
“We are extremely excited about our partnership with Hibernia Bank,” said Union President and Chief Executive Officer, Stephen H. Schonberg. “The combination of our local community institutions will provide all current and future customers with greatly enhanced banking opportunities. Together, we will still be able to provide the same level of excellent personal service our customers expect through an expanded branch network. We will still be a well-capitalized community institution with an enhanced platform for serving the greater New Orleans market.”
The transaction was executed by FIG Principal Bob Kotecki.
More information is available here.
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