Hibernia Merger With St. Bernard Bank and Trust Co. Would Expand Presence In New Orleans Area.
The transaction would expand Hibernia's deposit market share in St. Bernard Parish to 36% from 3%, giving it the leading position. Hibernia's share for the Orleans, Jefferson and St. Bernard parishes combined would increase to 22% from 20%.
Founded in 1905, St. Bernard Bank and Trust had approximately $260 million in assets at Dec. 31, 1995, and 11 offices: two in Arabi, four in Chalmette and one each in Meraux, Poydras, Reggio, New Orleans and Metairie. Hibernia currently has one office in St. Bernard Parish, located in the Winn-Dixie Marketplace at 3300 Paris Road in Chalmette.
The merger is subject to approvals by regulators and St. Bernard Bank and Trust shareholders and should be completed during the fourth quarter.
"For nearly a century, St. Bernard Bank and Trust has provided its customers with outstanding service and excellent products, and we plan to maintain that tradition," said Hibernia president and CEO Stephen A. Hansel. "This transaction will strengthen our franchise and enable us to meet the financial needs of more people in St. Bernard Parish."
"We're very pleased to enter this partnership with Hibernia, a bank that is committed to preserving the hometown banking service we've worked so hard to provide our customers over the decades," said Norris C. Delamore, Jr., president of St. Bernard Bank and Trust. "Hibernia's commitment to community involvement also will benefit the areas we serve."
He added that customers should continue using their checks, making loan payments and conducting other transactions as usual.
With the completion of the merger, Hibernia would have approximately $7.7 billion in assets and 166 banking locations serving 25 parishes and 64 cities, representing approximately 75% of the state's population and deposits. It would be either first, second or third in deposit market share in 20 of these parishes, and its statewide market share would be approximately 16%.
The company's common stock (HIB) is listed on the New York Stock Exchange.
CONTACT: Hibernia Corp., New Orleans
Media contact: Jim Lestelle, 800/245-4388 (office);
Investor contact: Dana Combes, 504/533-2180 (office);
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|Date:||Apr 1, 1996|
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