Hibernia Merger With St. Bernard Bank and Trust Co. Would Expand Presence In New Orleans Area.
NEW ORLEANS--(BUSINESS WIRE)--April 1, 1996--Hibernia today announced it has signed a definitive agreement to merge with St. Bernard St. Bernard
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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 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 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Stephen A. Hansel han·sel
n. & v.
Variant of handsel. . "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 home·town
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" 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 Hib
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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 Corp., New Orleans
Media contact: Jim Lestelle, 800/245-4388 (office);
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