MORGAN CITY, La. - MC Bancshares Inc., the holding company for MC Bank & Trust Company, and Heritage NOLA Bancorp Inc., the holding company of Heritage Bank of St. Tammany, have announced they have entered into a definitive merger agreement in which MC Bancshares will acquire Heritage NOLA Bancorp.
MC Bank is a Louisiana-chartered bank headquartered in Morgan City. 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 $6.5M.
The transaction is subject to regulatory approvals and approval of the shareholders of Heritage NOLA Bancorp. It is expected to close in the 4Q of 2023.
Heritage Bank will be merged with MC Bank, and MC Bank will continue to operate Heritage Bank’s offices as its own branch offices. (Biz New Orleans 07/07/23)
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