July 31, 2019 — Investar Holding Corporation (Nasdaq:ISTR) has announced an agreement to acquire Bank of York in Alabama.
Louisiana-based Investar Holding Corporation (Investar), and its wholly-owned subsidiary, Investar Bank, National Association (Investar Bank) will pay $15 million to shareholders of Bank of York. Additionally, Bank of York will be able to make regular and special pre-closing cash distributions to its shareholders in an aggregate amount of approximately $1 million.
As of June 30, 2019, Bank of York had approximately $99.5 million in assets, $46.0 million in net loans, $82.3 million in deposits with $19.6 million in noninterest-bearing accounts, $11.2 million in stockholders’ equity, and a loan-to-deposit ratio of 56.53%. Bank of York serves Sumter and Tuscaloosa counties and has a main office in York, a branch in Livingston and loan production office in Tuscaloosa.
Investar’s President and Chief Executive Officer, John D’Angelo, said, “I am excited to welcome Bank of York’s customers and locations into the Investar brand. Expansion into Alabama enhances our regional footprint and provides the opportunity for additional mergers and acquisitions in the Gulf South markets. We are fortunate to have this opportunity to join forces with a bank that has been serving its community for more than 100 years, building a loyal customer base which brings an attractive cost of funds. We are enthusiastic about this partnership and look forward to welcoming Bank of York’s customers, shareholders and employees to the Investar family.”
More information is available here.
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