Bunkie Bancshares merger with Hibernia becomes effective.NEW ORLEANS--(BUSINESS WIRE)--Jan. 15, 1996--Hibernia today expanded it coverage of central Louisiana
Central Louisiana, also known as the Crossroads region, is the part of Louisiana which includes the following parishes: Allen Parish, Beauregard Parish, Catahoula Parish, Concordia Parish, Grant to Avoyelles Parish when its merger with Bunkie Bancshares, Inc., parent of Bunkie Bank & Trust Company, became effective. The transaction had already been approved by regulators and Bunkie Bancshares shareholders. Bunkie's 32% deposit share, the largest in Avoyelles, increases Hibernia's market share in central Louisiana to 26% from 19%. Bunkie Bank & Trust had approximately $105 million in assets at December 31, 1995, and three offices: one each in Bunkie, Cottonport and Marksville. "Local management will continue to serve customers with the kind of hometown home·town n. The town or city of one's birth, rearing, or main residence. Noun 1. hometown - the town (or city) where you grew up or where you have your principal residence; "he never went back to his hometown again" service that earned Bunkie Bank such strong customer loyalty," said Lynn Bordelon, formerly president of Bunkie Bank & Trust and now Avoyelles Parish president for Hibernia. Bunkie shareholders will receive approximately 170 shares of Hibernia stock for each Bunkie share in a tax-free pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. , or a total of 1,874,760 shares of Hibernia stock valued at approximately $19.2 million. Hibernia's products and services will be available to Bunkie Bank & Trust customers after the bank converts to Hibernia's computer system, and the name will change to Hibernia National Bank For other uses of "Hibernia", see Hibernia (disambiguation). Hibernia National Bank, founded in 1870, was a personal banking and commercial lending institution headquartered in New Orleans, Louisiana. , all expected in the first few months of the year. With completion of the Bunkie merger, Hibernia has $7.4 billion in assets and 160 banking locations serving 25 parishes and 60 cities, representing more than 70% of the state's population. It is either first, second or third in deposit market share in 19 of these parishes, and its statewide market share is approximately 15%. The company's common stock (HIB Hib abbr. Haemophilus influenzae type b ) is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . CONTACT: Hibernia Corporation, New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded Media Inquiries: Jim Lestelle, 504/533-5482 (office), 504/488-8826 (home) or Investor Inquiries: Linda Meche, 504/533-2180 (office), 504/832-3604 (home) |
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