Investar to acquire First Community Bank in Hammond

Investar Bank announced this morning that it has signed an agreement to acquire First Community Bank in a deal that will double the Baton Rouge-based bank’s New Orleans-area presence. First Community is headquartered in Hammond and has approximately $107 million in assets. Investar says it doesn’t anticipate the elimination of jobs as part of the deal between the two privately held companies. The financial terms of the deal, which is expected to close in the second quarter, were not disclosed. First Community has two branch locations—one each in Hammond and Mandeville—that Investar will gain and rebrand after the deal closes. Also upon closing, First Community Bank CEO Cordell White will serve as Investar’s regional president for Livingston and Tangipahoa parishes. First Community customers should experience no changes in banking services as a result of the acquisition, which still needs to be approved by several federal and state agencies as well shareholders of First Community Holding Company. Investar began establishing a foothold in the New Orleans-area market in December, when it opened two branches in the same week: one each in Metairie and Mandeville. With the acquisition, Investar will bring its total number of branches to nine, including two in Baton Rouge. Pending regulatory approval, the bank is also planning to open a 10th branch in Lafayette later this year. Investar says it had $375 million in total assets as of the end of 2012.