BATON ROUGE, LA (WAFB) - Investar is expanding its footprint into the Houston market after the bank announced Friday it completed its acquisition of Mainland Bank. The bank is based to Texas City, Texas.
The acquisition valued at about $18.6 million took effect March 1, 2019. A definite agreement relating to the purchase was announced in October 2018, according to a release from Investar Holding Corporation.
Any issued and outstanding shares of Mainland common stock were converted into aggregate merger consideration, consisting of 763,849 shares of Investar common stock.
Mainland Bank had about $125 million in assets, $84 million in gross loans, and $108 million in total deposits on March 1. Following the acquisition, the combined organization is expected to have about $1.9 billion in total assets.
Investar Holding Corporation, headquartered in Baton Rouge, operates 24 branches, including three of them acquired on March 1, 2019. One of the those banks is opening March 31 on Highland Road. The facility was the former Highland Bank.