The parent company of Investar Bank says it has completed its previously announced acquisition of Ville Platte-based Citizens Bancshares Inc. and its wholly-owned subsidiary, Citizens Bank.
Baton Rouge-based Investar Holding Corp. issued a statement this morning saying the $45.8 million deal, first announced in March, became effective on Saturday. Under the terms of the agreement, all of the issued and outstanding shares of Citizens common stock were converted into an aggregate amount of cash consideration equal to $45.8 million. The deal does not include any locations of Citizens Bank and Trust, a separate company based in Plaquemine.
“Citizens fits well with our strategy of expanding Investar’s footprint in the Louisiana market,” says Investar President and CEO John D’Angelo in a prepared statement.
As of Saturday, Citizens had approximately $249 million in assets, $132 million in gross loans, and $211 million in total deposits. Investar Holding Corp. had roughly $1.2 billion in assets as of March 31 and operates 15 branches in southeast Louisiana.
