Ending 2024, we have a lot to be happy about. While in 2022, the Biz top story of the year was New Orleans’ recognition as the “murder capital of the country,” this year, the murder rate dropped from 265 in 2022 to less than 100 as of mid-October, while non-fatal shootings dropped by 46%. Instead of leading the country for violent crime, in 2024 New Orleans was 4th in the nation for fastest decline in violent crime.
While we could have easily included this as a top story — and it certainly is a positive change that we are all celebrating, with much thanks to the NOLA Coalition and NOPD — the Biz team realized that we as a region have so much in the way of economic announcements and upcoming events this year to celebrate that we’d like to focus on those.
Starting with events, they don’t get any bigger than Taylor Swift’s The Eras Tour and the Super Bowl, the first of which was just here and the second of which is on the way. Both put New Orleans on a global stage, the impacts of which will be felt both immediately, and for years to come.
Our energy sector is ramping up in all directions as the year featured announcement after announcement of new programs, projects and funding. And speaking of an influx of cash, Port NOLA’s new terminal received an impressive amount this year, pushing the project closer to realization.
A Downtown landmark, Harrah’s New Orleans completed its $325 million renovation to make its debut as Caesars New Orleans, a new jewel in our city’s crown.
On the legislative side, Gov. Jeff Landry signed legislations known as the “Positioning Louisiana to Win” bill, the goal of which is to modernize the structure of the Louisiana Economic Development (LED) organization.
New Orleans’ neighbors to the north also saw an impressive amount of growth this year, as did the healthcare sector. The region also experienced a flood of leadership changes in high-level positions and saw an unusually high number of local banks go public.
This past year has been one of growth on many fronts, a trend we hope to see continue as we all anticipate the opportunities that a new year brings.
1 | Super Bowl Preparations
by Kim Singletary
Super Bowl fever hit hard this year — really ramping up in the summer with multiple press conferences. On June 4, 2024, the NFL and New Orleans Super Bowl Host Committee announced that more than 200 businesses had been accepted to the “Super Bowl LIX Source” procurement program, through which local businesses could compete for subcontracts related to the Super Bowl, which will be held on Feb. 9, 2025.
In the cover feature of this year’s September issue, Marcus Brown, executive VP of Entergy and the founding partner and chairperson of the 2025 Super Bowl Host Committee, shared his excitement over what was another summer announcement — the launch of the official Super Bowl LIX legacy grant program, “Impact 59 Powered by Entergy,” which includes plans to give at least $3 million to Greater New Orleans nonprofits by the end of 2024.
“That impact is going into these communities, funding these necessary programs, where people are making differences that matter well beyond February 9,” said Brown, who added that “programs dealing with workforce development, education, environment, poverty, solutions — those are the kinds of things that we’ll be trying to fund.”
Meanwhile the new lights on the Crescent City Connection represented just one of what Michael Hecht, president of GNO, Inc., and chair of the Super Bowl Host Committee’s Infrastructure and Economic Development Subcommittee noted was “well over 500 projects that are being worked on by about three dozen different agencies” to spruce up the city in advance of the largest annual televised event in America, drawing approximately 6,000 members of the media to the city. In 2024, the Super Bowl drew an average of 123.4 million viewers —a 7% increase over 2023 Super Bowl viewership.
As work intensifies and anticipation builds leading up to New Orleans’ record-tying 11th time hosting the game — the hope is that the benefits of the city’s time shining in a global spotlight will continue to be felt long after the tourists have gone home.
BY THE NUMBERS
- 500,000 — Jazz Fest attendance in 2024, the second highest attendance in the festival’s history just behind the 600,000 attendees in 2001.
- 133,845 — the number of 20-foot equivalent units (TEUs) that Port NOLA moved during the third quarter of fiscal year 2024. The port said that number represents a 19% increase year-over-year and a record quarter with container volume not seen since 2021.
- 248,130,992 — the number of short tons of cargo the Port of South Louisiana handled in 2023, marking the second consecutive year of net increases in tonnage volume.
- $1.8 million — the amount of the grant the U.S. Economic Development Administration awarded in 2024 to the Split Second Foundation Inc. in New Orleans for building infrastructure improvements to support workforce development efforts. The grant will go to renovating the organization’s existing commercial space to support the Center for Health and Job Development, which will provide care for those with disabilities and workforce training in health care and rehabilitative careers.
- 3 — the number of years in a row as of 2024 that the Louis Armstrong New Orleans International Airport (MSY) earned the title of Best Airport in North America (5 to 15 million passengers per year).
- 40,000 — the approximate number of jobs Louisiana gained from February 2023 to February 2024 — the largest gain the state has seen since 1996-1997.
2 | NOLA Sees “Swiftonomics” In Action
by Kim Singletary
Musical phenom Taylor Swift and her “Swifties” descended on New Orleans in force this fall for three sold-out concerts. The result was an estimated infusion of $500 million into the city in just one long weekend — Oct. 25-27.
To put the number into perspective, in 2023, the 2023 Mardi Gras Economic Impact Study that was conducted by Tulane economics professor Toni Weiss reported the economic effect of all of Carnival season amounted to $891 million.
The Eras Tour kicked off on March 17, 2023, and by the time the last show ends in Vancouver on Dec. 8, 2024, the singer will have performed 149 shows around the world that the U.S. Travel Association estimates could exceed $10 billion in revenue.
In November 2023, The Eras Tour broke the $1 billion revenue mark, officially becoming the highest-grossing concert tour of all time.
In typical New Orleans style, Swifties were welcomed to a party like no other that included the decking out of the Caesars Superdome with a 140-foot-long inflatable friendship bracelet. Businesses throughout the city rushed to capitalize on the event, offering up themed drinks and food items, merchandise, and special events. The city’s official destination marketing organization, New Orleans & Company, offered visitors an online Swift-inspired guide to the city, which highlighted the singer’s favorite stops on previous trips — including the bakery that made the birthday cake she enjoyed on her last trip to New Orleans in December 2022 — as well as shops to find a Swift-inspired outfit, and an events page.
Approximately 65,000 tickets were sold each night to concertgoers who packed area hotels, which New Orleans & Company reported reached 100% capacity that Friday and Saturday night and 80% on Sunday night.
At the Louis Armstrong International airport, Southwest airlines added additional nonstop flights from Austin, Baltimore/Washington, Dallas and San Antonio to New Orleans on Oct. 24 and 25, and additional return flights to these cities on Sunday Oct. 27.
Swifties even broke records as they left, with the airport reporting its busiest travel day on record that Sunday.
Swift herself also left a parting gift — a donation to Second Harvest Food Bank that the organization said was enough to pay for 75,000 meals for area families in need.
BIG HONORS IN 2024
Former Saints Quarterback Drew Brees was the sole honoree chosen this year to enter the New Orleans Saints Hall of Fame.
ACG Louisiana, a regional chapter of the Association for Corporate Growth, presented its Lifetime Achievement Award to chef Emeril Lagasse.
The Louis Armstrong New Orleans International Airport’s (MSY) Director of Aviation Kevin Dolliole was honored with the William “Bill” Jennings Airport Director of the Year Award by the Airport Minority Advisory Council (AMAC). The award is presented annually to an airport director who has demonstrated outstanding achievement in promoting diversity and inclusion in airport business and employment opportunities.
3 | Energy Sector Boom
by Kim Singletary
2024 was a busy year in the state’s burgeoning energy sector, kicked off by Louisiana receiving the “largest and most competitive grant ever awarded” by the U.S. National Science Foundation. Focused on the energy transition and decarbonization of Louisiana’s industrial corridor, the NSF grant could add up to $160 million over the next 10 years.
In February, Japanese chemical company UBE Corporation announced it will invest $500 million to establish the first U.S. manufacturing facility for key electric vehicle lithium ion battery ingredients at Cornerstone Energy Park in Jefferson Parish. The same month, Life for Tyres Group Limited, Europe’s largest end-of-life tire recycling company said it was investing $46 million to establish its first U.S. processing facility at the Port of South Louisiana.
In March, Delgado Community College announced its participation in the Clean Power Institute’s first-ever workforce leadership team. Based in Washington, D.C., the institute develops industry-based certifications for clean energy and will help Delgado develop related training programs that will equip manufacturing professionals with transferable skills and credentials in the clean energy sector.
In the same month, LSU’s College of Engineering announced plans to drill a new well on campus to research carbon capture, utilization and storage (CCUS), and The University of New Orleans and Bernhard announced the completion of a state-of-the-art solar array on the university’s campus, which will offset 17% of UNO’s annual electric consumption.
In April, the New Orleans Ernest N. Morial Convention Center hosted its first Oceantic Network’s International Partnering Forum, which featured appearances from U.S. Secretary of the Interior Deb Haaland, U.S. Deputy Secretary of Energy David Turk and other international energy experts. Also that month, the first wind turbine to be installed in Louisiana arrived at Avondale Global Gateway. In the release sharing the news, the Pew Charitable Trusts noted that more than 450 local companies are ready to support offshore wind in the Gulf of Mexico.
In August, the Greater New Orleans Infrastructure Partnership (GNOIP) – a collaborative effort led by Delgado Community College in partnership with Northshore Technical Community College, Nunez Community College, River Parishes Community College and Greater New Orleans, Inc. — was awarded $5.75 million by the Department of Labor’s Strengthening Community College initiative. This funding will improve access to infrastructure-related careers for historically underrepresented students in Southeast Louisiana.
In September, South Louisiana’s H₂theFuture initiative, alongside U.S. Economic Development Administration (EDA) representatives and energy sector leaders, celebrated the groundbreaking of the Louisiana Future Energy Center at The Beach at UNO. The center aims to establish Louisiana as a leader in energy innovation, education and economic development by creating a hub for energy startups.
Also that month, Woodland Biofuels, Inc., announced a $1.35 billion investment at at the Globalplex multimodal facility at the Port of South Louisiana to establish one of the world’s largest renewable biofuels production facilities and the largest renewable natural gas production plant in the world. The Toronto-based company plans to use waste biomass to produce sustainable biofuel used in transportation, heating and electricity generation.
The project expects to create 110 direct new jobs with an average annual salary of more than $90,000.
In early November, GNO, Inc., LSU, LED and multiple partners celebrated a major outcome of the grant, the inauguration — or “spudding ceremony” — for a new, state-of-the-art, carbon capture and sequestration (CCS) research well at the LSU Petroleum Engineering Research, Training and Testing Laboratory (PERTT Lab).
The project aligns with LSU’s and Louisiana’s goal to be a national leader in applied energy research, focusing on low-carbon technologies like CO2 capture, hydrogen processes and sustainable fuels.
4 | Port NOLA Moves Forward With Big Funding for Violet Terminal
by Misty Milioto
The Port of New Orleans is making steady progress on its Louisiana International Terminal, a $1.8 billion project proposed for a 400-acre tract in Violet, Louisiana. Once completed, the container terminal will serve vessels of all sizes in a move designed to foster strategic inland growth and allow both container-on-barge and intermodal services to expand. In so doing, Port NOLA has said it will be able to remain competitive with its counterparts in Houston and Mobile.
Thanks to LIT’s proximity to four interstate systems, six Class I railroads, 14,500 miles of inland waterways and more than 30 inland hubs, the new terminal will dramatically increase Louisiana’s import and export capacity. In addition, its location downriver from the Crescent City Connection bridge means LIT will be able to accommodate larger vessels.
LIT, whose first ship wharf could open as soon as 2028 (with phased opening through 2031), has received millions of dollars in state and federal funding just in 2024 — thereby bringing the terminal that much closer to reality.
In June, the Louisiana Legislature committed $230.5 million to Port NOLA infrastructure projects — including the LIT and the St. Bernard Transportation Corridor (a new roadway that would connect the new terminal to Interstate 510). LIT received $10 million in direct state general funding and $140 million in “Priority 5” state funding that will support design and construction activities. Meanwhile, $50 million in state funding will support construction of the St. Bernard Transportation Corridor, and another $30.5 million will be directed toward rehabilitation, planning and construction of the St. Claude Bridge.
Port NOLA was also awarded $226.2 million in federal grant funding earlier this year to assist in building LIT. The U.S. Department of Transportation funds come via the Infrastructure for Rebuilding America competitive grant program, which supports multimodal freight and highway projects. The U.S. DOT also recently awarded Port NOLA an additional $74 million through a separate grant program.
According to Port NOLA’s new president and CEO, Ronald Wendel Jr., (who took over the position after the port’s longtime CEO, Brandy Christian, took a private-sector job in Jacksonville, Florida), these infrastructure projects will solidify Louisiana’s position as the premier global gateway in the Gulf. These projects also will generate thousands of jobs, as well as long-term economic growth for the region and the state.
Specifically, Port NOLA said LIT are expected to generate more than 18,000 jobs in Louisiana and 4,300 jobs in St. Bernard Parish. LIT is also expected to generate 32,000 new jobs nationwide, as well as more than $1 billion in total new state and local tax revenue by 2050.
While the LIT project has broad political and industry support throughout the state and country, it has vocal opponents in St. Bernard Parish. There, residents are concerned that the new terminal will mean increased truck traffic on surface streets. However, Port NOLA believes that the St. Bernard Transportation Corridor will solve that problem.
5 | Caesars New Orleans Opens
by Veronika Lee Claghorn and Kim Singletary
Ushering in a new era, 25 years after Harrah’s New Orleans opened at the foot of Canal Street, the casino was reborn this year as Caesars New Orleans following the completion of a $435 million renovation. The only land-based casino not only in New Orleans, but all of Louisiana, Caesars New Orleans celebrated its official grand opening on Oct. 22, 2024, in a bash that featured a second line, the Roots of Music marching band, and legionnaires and Roman goddesses, both on foot and on stilts.
During the ceremony, New Orleans Mayor LaToya Cantrell proclaimed Oct. 22 as Caesars New Orleans Day and Anthony Carano, president and COO of Caesars Entertainment, addressed the crowd amid sparkling fireworks, expressing gratitude to the 104 team members who were present when Harrah’s opened in 1999.
“Caesars represents a promise of excellence,” said Tom Reeg, CEO of Caesars Entertainment, gesturing to the coliseum-like casino. “This started as a $325 million project, and despite rising costs to $435 million during the pandemic, we remained committed to our promises to the city and our customers.”
Now owned by Vici Properties and operated by Caesars Entertainment, the casino offers diverse amenities across four city blocks, including restaurants from celebrity chefs, as well as a bowling alley and various other upgrades.
Caesars New Orleans boasts almost 800 hotel rooms between its two hotel towers – the new Caesars Tower and the original hotel tower on Poydras Street. The destination provides an extensive gaming experience with more than 150,000 square feet of upgraded gaming and dining space featuring more than 1,300 slot machines, 120 table games, a 20-table World Series of Poker Room®, three outdoor gaming courtyards and a 5,700-square-foot state-of-the-art Caesars Sportsbook.
On the culinary side, Caesars is also home to Louisiana’s first Nobu restaurant, Emeril’s Brasserie by famed chef Emeril Lagasse, and options by other celebrated chefs including Bobby Flay, Buddy Valastro and Nina Compton.
6 | Governor Approves Economic Development Bill
by Misty Milioto
In what was a big push to super-charge economic development in Louisiana, Gov. Jeff Landry signed SB 494 — known as the “Positioning Louisiana to Win” bill—on June 11. The purpose of the legislation is threefold: to modernize the organizational structure of Louisiana Economic Development, the state agency focused on creating new workforce opportunities; to bring the private sector voice to the economic development conversation; and to allow LED to run at the pace of businesses instead of government.
The Positioning Louisiana to Win bill establishes a private sector-led board—the Louisiana Economic Development Partnership—charged with developing an economic development strategic plan and advising on policies, programs and initiatives. The legislation now allows LED to operate at the speed of business by exempting it from bottlenecks in state procurement and technology services.
This approach follows the recommendations of a study commissioned by the Committee of 100, a private nonprofit organization whose members include CEOs of leading private and public companies, and Louisiana university presidents. Following best practices used in states like Virginia, North and South Carolina, and Georgia, the Committee of 100 made recommendations that align with LED’s organizational framework.
“Other states have had capabilities and structure we lacked at LED,” said Adam Knapp, CEO of the Committee of 100. “It’s important that this bill was based on independent, national research of best practices in other states.”
By eliminating the statutory requirement that the governor appoint an assistant secretary and undersecretary, SB 494 gives the LED secretary flexibility to create a leadership structure that best serves the agency’s current needs. Soon after the signing of the bill, LED Secretary Susan B. Bourgeois announced her senior leadership team, including Anne Villa, deputy secretary; Rachel Shields, chief engagement officer; Paige Carter, chief business development officer; Joshua Fleig, chief innovation officer; Ileana Ledet, chief economic competitiveness officer; Mark Lorando, chief communications officer; Chelsea Harris Dufrene, executive director of LED FastStart; Chris Stelly, executive director of Louisiana Entertainment and director of legislative affairs; and Robin Porter, executive counsel.
These new appointments add extensive private-sector, economic-development and change-management experience at a pivotal moment in the agency’s history. The idea is that with a better organizational structure, LED will be better equipped to attract new business and more effectively support businesses that are already invested in the state.
“Louisiana has a historic opportunity for investment, jobs, growth, innovation and global impact,” Bourgeois said. “But we can’t seize that opportunity unless we dramatically change our approach. The passage of SB 494 clears a path for that transformation to occur."
CONGRATULATIONS!
Biz New Orleans Magazine celebrated its 10th year in print this year, but we were just one of many area businesses and organizations who marked big milestones in 2024, including:
- 100 Catholic Charities
- 100 Junior League of New Orleans
- 100 LSU Online & Continuing Education
- 100 Rubensteins New Orleans
- 50 The Balcony Ballroom
- 50 Lanier & Associates
- 35 Pontchartrain Conservancy
- 30 Carnival Cruise Line (sailing out of New Orleans)
- 30 Essence Festival of Culture
- 30 Women’s Business Enterprise Council South
- 20 Coolinary
- 20 GNO, Inc.
- 20 New Orleans Chamber
- 20 Southern Food & Beverage Museum
- 15 Gambel Communications
- 10 New Orleans East Hospital
7 | Northshore Growth Continues
by Misty Milioto
The Northshore experienced tremendous growth in 2024. Some of the highlights from across the lake this year included…
In March, Agile Cold Storage announced a $45.9 million investment in St. Tammany Parish to construct a new 150,000-square-foot automated cold storage facility. The facility will be built on 10 acres at the site of the 130-year-old historic St. Joe’s Brick Works, a family-owned brick-making company. The company expects the facility to be operational in the first quarter of 2025.
Also north of Lake Pontchartrain, Louisiana-based S&W Wholesale Foods is investing $21 million to expand its Hammond headquarters. In April, the company announced that it will acquire a new facility. In addition to retaining more than 100 existing jobs in Tangipahoa Parish, the company expects to create 60 construction jobs at peak construction.
In August, Slidell-based manufacturer Beier Integrated Systems — one of the oldest marine electronic companies in the country — announced a $1.8 million operations expansion that will add 15,000 square feet to its existing facility. In addition to retaining more than 30 jobs, the company expects to add five to 10 positions in 2025 with average salaries of approximately $80,000.
In September, Lacombe Business Park earned certification as a Louisiana Economic Development Certified Site. LED Certified Sites are development-ready properties that earn this designation after an extensive application process and exhaustive review by an independent, third-party engineering firm.
The business park is the 11th certified site in the parish and the first new one in three years.
Also in September, the New Orleans Wine & Food Experience hosted its first-ever Northshore event at The Greenwood.
In October, Laborde Products announced it was investing $5.8 million to establish a new operations center and warehouse at its headquarters in Covington. The marine engine and equipment distribution company will create dedicated research and development space as it aims to broaden its range of products. Completion is expected by the end of 2025 with operations starting in early 2026.
STartUP Northshore, which partnered with The Idea Village in 2022, returned to the Northshore for the third year, Palette — a workspace community for entrepreneurs — announced the opening of its first entrepreneurial hub in Louisiana. Located in Covington, the space includes multiple co-working spaces and private offices, event space, conference rooms, a podcast studio, outdoor workspace and a connected café. Proactive concierge services that are tailored to members’ evolving needs also are available.
8 | So Many Big Leadership Changes
by Kim Singletary
In addition to the huge leadership change announced on the national level in November, the Greater New Orleans region saw quite a few big changes in 2024.
Susan Bonnett Bourgeois was selected by Gov. Jeff Landry to lead Louisiana Economic Development, the state agency dedicated to creating new workforce opportunities. Landry also appointed Michael Thomas as chair of Port NOLA’s board of commissioners, Timothy Hardy as the new chair of the Louisiana Community and Technical College System’s Board of Supervisors, and Russell W. Allen as president of the Ernest N. Morial New Orleans Exhibition Hall Authority, the governing board of the New Orleans Ernest N. Morial Convention Center.
Both Port NOLA and the convention center saw leadership changes at the highest level, with Beth Ann Branch taking over as CEO of Port NOLA and Michael Sawaya announcing his departure as president and CEO of the convention center to move into the role of CEO of the Audubon Nature Institute.
More movement on the nonprofit side included a new director of the New Orleans Film Society, Carroll Morton, and a new CEO for the New Orleans Jazz & Heritage Festival, Blake-Anthony Johnson.
City Park Conservancy, the entity that runs City Park, promoted Rebecca Dietz to the position of CEO.
Loyola’s College of Business welcomed Robert “Bobby” Savoie, PhD, as its new dean, and both the Royal Sonesta Hotel and Canal Place announced new general managers — David Bilbe and Matt Brown, respectively.
Prominent area employer the Stennis Space Center announced in April that John Bailey — who had been serving as acting director since January 2024 — would lead the nation’s largest propulsion test site into the future.
The healthcare industry saw plenty of new leaders step up this year. Touro welcomed Dr. Christopher Lege as CEO, East Jefferson General Hospital made Gregory A. Nielsen, its interim CEO, -permanent, and LSU Health New Orleans welcomed Dr. Steve Nelson as its new chancellor.
Ochsner Health made two big announcements this year as Mary Deynoodt became CEO of Ochsner Baptist and Beth Walker took over as CEO of Ochsner Medical Center New Orleans.
On the state level, Blue Cross and Blue Shield of Louisiana got both a name change — to Louisiana Blue — and a new president and CEO, Bryan Camerlinck.
FAREWELL
New Orleans said goodbye this year to some notable institutions, including:
- Southern Costume Company, which specialized in theatrical costume rentals, ready-to-wear costume rentals, and Mardi Gras costume manufacturing for 13 years
- Compass Furniture, which had been in business in Jefferson Parish since 1977;
the tourism focused publication Where Traveler New Orleans, in print for 55 years
- Happy Raptor Distilling, which closed after four years in business.
9 | Continued Healthcare Expansion
by Kim Singletary
The region has two big health care systems, and both saw a lot of big wins in 2024. Just a few of the biggest highlights include….
LCMC Health
The year began with East Jefferson General Hospital (EJGH), an LCMC Health hospital, announcing it had expanded its campus to welcome Tulane Medical Center patients and employees. In 2023, LCMC acquired three Tulane University-affiliated hospitals.
Also in January, University Medical Center opened the Neurocritical Care Unit — a 12-bed intensive care unit staffed by leading neurocritical care specialists from LSU and Tulane — and Algiers welcomed a new LCMC Heath Urgent Care.
In early February, Children’s Hospital New Orleans opened its expanded Northshore Outpatient Therapy Clinic on the campus of Lakeview Hospital in Covington. The 4,100-square-foot clinic offers pediatric physical, occupational, speech and language therapy served by features including specialized gyms, therapy and treatment rooms in a kid and family-centered environment.
In April, Children’s announced that its Walker’s Imaginarium — a child enrichment studio planned for the main campus — would be home to the first Seacrest Studios in the Gulf South. The state-of-the-art studio allows pediatric patients to explore the creative realms of radio, television and new media.
In the fall, Tulane University School of Medicine launched its first nursing program, and UMC expanded its bariatric program with the opening of a 16-bed unit and addition of three physicians. Children’s Hospital also celebrated the opening of the Morgan Rae Center for Hope, which allows the hospital to serve more children who have experienced abuse, neglect and human trafficking.
Ochsner Health
In March, Ochsner opened a uniquely specialized clinic in Metairie designed to provide health and wellness services to patients 65 and older. The Metairie location marked the fourth Ochsner 65 Plus facility in the state.
In April, Xavier University, one of the top-ranked HBCU’s in America, and Ochsner Health, Louisiana’s largest private employer, announced they were partnering to form a new medical school, the Xavier Ochsner College of Medicine. The school will be the only HBCU medical school in the Gulf South. Dr. Leonardo Seoane, MD, FACP, executive vice president and chief academic officer of Ochsner Health, will serve as the new school’s founding dean. Accreditation is expected to take about three years and will be followed by recruitment.
In July, Ochsner Ventures and LED launched the Ochsner Louisiana Innovation Fund, a $10 million fund for investments in early-stage, innovative health and health-adjacent companies in Louisiana.
In August, Ochsner Community Health and The Brees Dream Foundation opened the Ochsner Community Health — Brees Family Center in Gretna. It marks the eighth of 15 such centers planned across the state.
10 | Local Banks Go Public
by Misty Milioto
Not one, not two, but now three New Orleans-based mutual (or depositor-owned) banks — Fidelity Bank, Fifth District Savings Bank and Mutual Savings and Loan—are converting to stock-owned bank corporations. The reasons for doing so include the ability to grow, raise capital, diversify loan portfolios and potentially acquire other banks or branch offices.
Three banks going public in just one area in one year is a lot. In 2023, only three banks in the nation went public.
Mutual Savings and Loan Association — a federally chartered savings association headquartered in Metairie with two full-service banking offices in the Greater New Orleans metropolitan area — adopted a plan to convert to a stock institution in February. Depositors will continue to hold accounts in Mutual Savings as a stock institution identical as to dollar amount, rate of return and general terms (other than voting and liquidation rights) as prior to the conversion.
Following suit, Algiers-based Fifth District Savings Bank (initially chartered in 1908) began trading its common stock on Aug. 31 on the NASDAQ using the symbol FDSB. At the time that it received approval from federal regulators to convert from a mutual bank to a stock-owned bank corporation, the bank’s new holding company (Fifth District Bancorp) said it intended to sell nearly 6 million shares of common stock at $10 per share to gross roughly $54.6 million.
Meanwhile, the proposed holding company for Fidelity Bank (FB Bancorp Inc.) announced in October that all regulatory approvals had been received to complete the conversion. FB Bancorp Inc.’s common stock began trading on the NASDAQ under the trading symbol FBLA.
After its initial public offering, Fidelity Bank — which celebrated its 115th anniversary in 2023 — sold 19,837,500 shares of common stock. This amount included 586,655 shares sold to the Bank’s employee stock ownership plan, for gross offering proceeds (before deducting offering expenses) of approximately $198.4 million based on the offering price of $10 per share.
