MORGAN CITY – MC Bancshares Inc., the holding company for M C Bank & Trust Company, and Heritage NOLA Bancorp Inc., the holding company of Heritage Bank of St. Tammany, have announced that they have entered into a definitive merger agreement in which MC Bancshares will acquire Heritage NOLA Bancorp.
M C Bank is a Louisiana-chartered bank headquartered in Morgan City, La. Heritage Bank is a federally chartered savings bank headquartered in Covington, La.
The all-cash merger consideration is equal to the value of Heritage NOLA Bancorp’s adjusted tangible shareholders’ equity at the time of closing plus $6.5 million.
“We are pleased to announce that we are partnering with Heritage Bank to expand our presence in St. Tammany Parish,” said Chris LeBato, CEO of MC Bancshares and M C Bank, in a press release. “As local Louisiana banks, we share similar core values and a relationship-centric approach to serving the communities that we are fortunate to be a part of. This transaction is a very natural and contiguous expansion of our current footprint.”
“We are thrilled about this combination with M C Bank,” said David Crumhorn, president and CEO of Heritage NOLA Bancorp and Heritage Bank. “The infrastructure that has been assembled at M C Bank over the years will enable our customers to access a substantial product offering while still receiving the local decision making and the exceptional service they have become accustomed to at Heritage Bank. Our collective corporate values and culture are closely aligned.”
The transaction is subject to regulatory approvals and the approval of the shareholders of Heritage NOLA Bancorp, and is expected to close in the fourth quarter of 2023.
Heritage Bank will be merged with M C Bank, and M C Bank will continue to operate Heritage Bank’s offices as its own branch offices.
Raymond James & Associates is acting as financial advisor to Heritage NOLA Bancorp and rendered a fairness opinion to the board of directors of Heritage NOLA Bancorp in conjunction with this transaction. Luse Gorman is serving as legal counsel to Heritage NOLA Bancorp and Heritage Bank. National Capital is acting as financial advisor to MC Bancshares. Fenimore Kay Harrison LLP is serving as legal counsel to MC Bancshares and M C Bank.
