A Baton Rouge-based group of investors today announced it has acquired Delta Bancshares, the holding company of Commerce Community Bank.
The group has received regulatory approval from the Federal Reserve and the Louisiana Office of Financial Institution, as well as approval from the shareholders of Delta Bancshares, according to the announcement.
The acquisition is a cash purchase financed through a private stock offering and is expected to close this month. As part of the transaction, the investor group plans to expand the bank’s operations into the Baton Rouge area.
Commerce Community Bank, which currently operates locations in Oak Grove, Louisiana, and Eudora, Arkansas, has approximately $60 million in total assets as of March 31, 2021, according to the bank’s publicly available financial information.
Commerce Community Bank President and CEO Brian Ayers will remain with the bank and become the market president of the bank’s existing footprint. Charles Chiasson, a member of the investing group, will become the new president and CEO of Commerce Community Bank. Chiasson launched South Louisiana Business Bank in 2007, which was eventually sold to Investar Bank. Scott Gaudin, one of the founders of the investment group, will serve as the bank’s chief lending officer.
Other members of the investment group’s board include Robert Daigrepont Jr., Mike Anderson, Dennis Blunt, Charles Chiasson, Flynn Foster, Beverly Moore Haydel, Barry Hugghins and Ravi Patel. Kent Sibley, who sat on Commerce Community Bank’s board of directors, will also serve on the new entity’s board of directors.
Fenimore, Kay, Harrison & Ford LLP served as legal counsel to the investor group. Maynard Cooper & Gale LLP served as legal counsel and National Capital LLC served as financial adviser to Delta Bancshares of Louisiana Inc.
