MidSouth buying First Louisiana National Bank

Regional banker MidSouth Bancorp Inc. has agreed to buy First Louisiana National Bank, which has three branches, in Breaux Bridge, Lafayette and St. Martinville. Lafayette-based MidSouth says it will pay $11.5 million in cash and 725,000 shares of its common stock. At Monday’s closing price of $10.73 per share, the entire deal is worth just over $19.2 million. First Louisiana National Bank has total assets of about $115 million. The acquisition has to be approved by shareholders of the bank’s holding company, First Bankshares of St. Martin Ltd., and win regulatory approval. Rusty Cloutier, MidSouth president and CEO, says the deal gives the bank a chance to expand lending in St. Martin Parish. “First Louisiana National Bank is a healthy bank with a strong consumer market franchise,” Cloutier says. MidSouth says it hopes to close the deal before the end of the year. MidSouth has 39 banking offices in Louisiana and Texas.