First State Bank, Commercial Capital announce plan to merge
By VERSHAL HOGAN
Jan 10, 2018, 08:47
A Louisiana bank announced Wednesday its intention to purchase First State Bank of Crossett.
Capital Bancorp, Inc. —the parent bank holding company for the Delhi, La.-based Commercial Capital Bank — announced in a news release that the two banks had signed a definitive agreement that will allow it to purchase First State Bank and its holding company, Evergreen Bancshares.
Under the agreement, First State Bank will merge into Commercial Capital Bank.
First State Bank has approximately $35.7 million in assets and two locations in Crossett. Following the merger, Commercial Capital Bank will have approximately $200 million in assets and a business footprint in Louisiana’s Richland, Morehouse and West Carroll Parishes in addition to Ashley County.
Though the deal still has to clear shareholder and regulatory approval, the banks expect the transaction to close in the second quarter of 2018. Both bank boards have already given their approval.
“We are excited for First State Bank, its customers, Crossett, and the Ashley County community that First State has been able to partner with Commercial Capital to create in our community a full-service bank with approximately $200 million in deposits and over $23 million in capital,” First State Bank and Evergreen Bancshares Chairman Richard Griffin said. “Commercial Capital brings a wealth of knowledge and experience in all types of agricultural lending that will be very beneficial to the farmers of Ashley County. Fortunately, Howard Beaty and all of the officers and bank employees will remain to lead the Ashley County branch of the combined institution.”
Commercial Capital President and Chief Executive Officer Shannon Lockard said Commercial Capital has a commitment to hometown banking.
“We are excited to combine with such a strong partner as First State Bank,” Lockard said. “Howard Beaty and his team serve their customers well and work hard to provide affordable, dependable banking services to their community, just like we do in our markets. We are committed to ensuring the longevity of hometown banks that are deeply rooted in their communities.”
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