Union Savings and Loan Association and Hibernia Bancorp Sign Merger Agreement

NEW ORLEANS – Union Savings and Loan Association (Union) and Hibernia Bancorp, Inc. (Hibernia Bancorp), today announced they have executed a definitive agreement whereby Union will acquire Hibernia Bancorp and its wholly-owned subsidiary, Hibernia Bank, in an all-cash transaction valued at $32.00 per share. The transaction has an aggregate deal value of approximately $28.2 million.

The transaction will result in a community bank with five offices and over $200 million in assets. 

In announcing the transaction, Stephen H. Schonberg, Union president and chief executive officer, stated, “We are extremely excited about our partnership with Hibernia Bank. 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.”

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A. Peyton Bush, III, chairman, president and chief executive officer of Hibernia Bancorp and Hibernia Bank, said, “As a result of a thorough process, we are pleased to announce a transaction that will benefit our stockholders and customers. Our stockholders will realize a significant premium on their investment. Our customers will gain access to a larger financial institution with the ability to offer larger loans while maintaining its focus on the quality personal service that a strong, independent, local community bank is uniquely qualified to offer. Together Union and Hibernia represent 245 years of dedicated service to the New Orleans community, and the combined organization will continue to build on that legacy.”

The transaction is expected to be completed in the second quarter of 2018, subject to approval by bank regulatory authorities and the shareholders of Hibernia Bancorp, as well as the satisfaction of other customary closing conditions. Union expects to change its name to “Hibernia Bank” at the closing of the transaction. 

Union was advised by FIG Partners, LLC and the law firm of Luse Gorman, PC.  Hibernia Bancorp was advised by Banks Street Partners, LLC and the law firm of Silver, Freedman, Taff & Tiernan LLP.

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