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Community Trust Bank, First Louisiana Bank merge
Community Trust Financial Corporation of Ruston and First Louisiana Bancshares of Shreveport have agreed to merge, adding four bank offices in the Shreveport-Bossier area to Community Trust's regional banking network.
First Louisiana, a bank holding company, has assets of approximately $140 million and, under the merger agreement, will continue to operate the four Shreveport area offices through its First Louisiana Bank subsidiary, a separately chartered entity. Community Trust, which has assets exceeding $1.1 billion, currently operates 17 locations in north central and northeast Louisiana and in Texas.
"This merger is an important part of our strategic plan for regional growth," said Community Trust president and CEO Drake Mills. "We're committed to north Louisiana and have been looking for the right opportunity to become part of the banking community in the Shreveport-Bossier area for some time. First Louisiana is a perfect fit."
The First Louisiana bank offices would eventually be operated under the Community Trust Bank name, Mills said.
"This merger is a great opportunity to join with Community Trust, the largest and fastest-growing bank in the region," said Ron Boudreaux, president and CEO of First Louisiana. "We'll be able to offer our customers all the services and benefits that come from a relationship that will now span across north Louisiana and into Texas."
Boudreaux will continue as president and chief executive officer of First Louisiana Bank until merged into Community Trust Bank at a later date. He will then serve as president of the northwest Louisiana region.
"This will be a seamless transition for everyone," Mills said. "Both banks are committed to serving our local markets and customers, and we look forward to becoming an integral part of the Shreveport-Bossier community."
Mills said the merger is expected to be completed in the second quarter of 2009, subject to certain regulatory and shareholder approvals. |
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