Investar Holding Corporation plans to expand its Coursey Boulevard headquarters amid the financial institution’s continued growth from acquisitions.
The corporation plans to make $500,000 worth of renovations to its Coursey office as well as add 40 new jobs, according to an advanced notification submitted to the Louisiana Economic Development for a Louisiana Quality Jobs Rebate.
The rebate program provides up to a 6% cash rebate of annual gross payroll for new direct jobs for up to 10 years. It also provides a state sales/use tax rebate on capital expenditures or a 1.5% project facility expense rebate on the total capital investment, excluding tax exempted items.
The office currently employs 265 staff, and the 40 additional employees represent a $2 million bump in payroll. The expansion would start this summer and wrap before August 2021.
The plans come at a time when the corporation and its wholly-owned subsidiary Investar Bank are working to increase its footprint across the south. Last month, Investar Bank received regulatory approval to move from being a state bank to a national bank, effective July 1, and on Tuesday afternoon, the company announced it was acquiring Bank of York, an Alabama bank. Last October, the Investar acquired Texas-based Mainland Bank for $19.9 million.
Investar has total assets of approximately $2.0 billion and currently operates 21 branches serving southeast Louisiana and three branches serving southeast Texas.