NEW ORLEANS (AP) — First NBC Bank Holding Co. says it's buying State-Investors Bank and expects to pay about $51 million to stockholders of State Investors Bancorp Inc.
A news release says First NBC expects to pay about $49 million for 2.3 million shares of stock and about $2 million for 221,600 stock options outstanding as of Tuesday.
Both boards have approved the deal, which needs regulatory approval.
The statement Tuesday described State-Investors as a 120-year-old bank with deep community roots, a strong and proven credit history and commitment to customer service.
First NBC has 32 banking offices in the New Orleans area and along the Mississippi Gulf Coast, and a loan office in Gulfport, Mississippi.
State-Investors Bank has four full service offices in the New Orleans metro area.
