First Guaranty Acquires The Union Bank
NEW ORLEANS – BizNewOrleans has learned that Monday’s IberiaBank deal is not the only Louisiana banking news of the week.
Yesterday, the Hammond-based First Guaranty Bank completed the acquisition of The Union Bank in Marksville. First Guaranty has 1.8 billion in assets; Union has 257 million so this purchase will put First Guaranty over the 2 billion mark.
“As of this morning, all of The Union Bank and its branches now bear the name of First Guaranty,” said Kenneth Pickering, senior partner at law firm Pickering and Cotogno, who represented First Guaranty in the deal.
“First Guaranty continues to grow and this acquisition is part of the process,” he said. “It’s a good deal for [Union] and its stockholders. A lot of the small banks are wanting to sell and this happened to be one we were able to put together.”
Pickering doesn’t expect many job losses as a result of the purchase.
“There’s very little [branch] overlap at all so we don’t expect much loss of employees,” he said. “A few of the board members of Union will join the First Guaranty Board.”
More details coming soon in a press release.