Home Bancorp Announces FDIC-Assisted Acquisition of Certain Deposits and Certain Assets of Statewide Bank
March 12 2010 - 6:15PM
PR Newswire (US)
LAFAYETTE, La., March 12 /PRNewswire-FirstCall/ -- Home Bancorp,
Inc. (the "Company"), the holding company for Home Bank
(http://www.home24bank.com/), a Federally chartered savings bank
headquartered in Lafayette, Louisiana, announced that Home Bank has
entered into a purchase and assumption agreement with loss share
arrangements with the Federal Deposit Insurance Corporation
("FDIC") to purchase certain assets and to assume certain deposits
and other liabilities of Statewide Bank, a full service community
bank headquartered in Covington, Louisiana. As a result of the
transaction, Home Bank will expand its market area through
Statewide Bank's six banking offices which are located in
Covington, Madisonville, Mandeville, Abita Springs, Slidell and
Folsom, Louisiana. Under the terms of the agreement with the FDIC,
Home Bank will acquire approximately $225 million of assets,
including approximately $150 million of loans (before loan
discounts). Home Bank will assume approximately $225 million in
deposits and certain other liabilities. The loss sharing agreement
between the FDIC and Home Bank covers substantially all acquired
loans and foreclosed real estate. "We welcome Statewide Bank's
customers to the Home Bank family," said John W. Bordelon,
President and Chief Executive Officer of the Company and Home Bank.
"Those customers now bank with one of the strongest community banks
in the country. We expect our new customers will be very pleased
with the level of service and array of products we provide. We also
welcome the employees of Statewide Bank. Given the difficulties
faced by Statewide over the past year, their commitment and
dedication to serving customers is admirable." "This acquisition
provides an ideal opportunity to expand our company into the
Northshore (of Lake Pontchartrain) market," added Mr. Bordelon. "We
now serve three of the most economically vibrant markets in
Louisiana, including our existing presence in Lafayette and Baton
Rouge. We are very excited to bring our unique approach to
community banking to the Northshore." Upon completion of the
acquisition, Home Bank will continue to be "well capitalized" under
applicable bank regulatory standards and will require no additional
capital to complete this transaction. Home Bank assumed the
outstanding deposits of Statewide Bank for no premium and acquired
the assets at an $11.9 million discount. The FDIC will cover 80% of
the losses on the disposition of loans and foreclosed real estate
up to $41.0 million and it will cover 95% of the losses that exceed
$41.0 million. This transaction is expected to be accretive to net
income, diluted earnings per share, book value per share and
tangible book value per share. The valuation and purchase price of
acquired assets and liabilities will be determined upon completion
of adequate valuation appraisals. With the completion of this
transaction, Home Bank now has 18 full-service banking offices in
the south Louisiana market areas of Lafayette, Baton Rouge and the
Northshore. Statewide Bank locations will open under regular
operating hours on Saturday, March 13, 2010 and Monday, March 15,
2010 as branches of Home Bank. Statewide Bank depositors will
automatically become depositors of Home Bank and deposits will
continue to be insured by the FDIC. Depositors can also access
their money by writing checks or using ATM or debit cards. Checks
drawn on Statewide Bank will continue to be processed. Loan
customers should continue to make their payments as usual. Home
Bank was advised in the transaction by Sandler O'Neill + Partners,
L.P. and Elias, Matz, Tiernan & Herrick LLP. This news release
contains certain forwardlooking statements. Forwardlooking
statements can be identified by the fact that they do not relate
strictly to historical or current facts. They often include the
words "believe," "expect," "anticipate," "intend," "plan,"
"estimate" or words of similar meaning, or future or conditional
verbs such as "will," "would," "should," "could" or "may."
Forwardlooking statements, by their nature, are subject to risks
and uncertainties. A number of factors many of which are beyond our
control could cause actual conditions, events or results to differ
significantly from those described in the forwardlooking
statements. Forward-looking statements regarding the Statewide Bank
transaction are based upon currently available information provided
to us by the FDIC. Actual results could differ materially from
those indicated in forward-looking statements. Among other factors,
actual results may differ from those described in forward-looking
statements due to unanticipated issues in successfully integrating
Statewide Bank offices and operations with Home Bank or failures to
realize anticipated cost savings or revenue enhancements. Home
Bancorp's Annual Report on Form 10-K describes some additional
factors which could cause actual conditions, events or results to
differ significantly from those described in forward-looking
statements, including risk elements in the loan portfolio, the
level of the allowance for losses on loans, risks of our growth
strategy, geographic concentration of our business, dependence on
our management team, risks of market rates of interest and of
regulation on our business and risks of competition. Forwardlooking
statements speak only as of the date they are made. Copies of the
Company's reports filed with the SEC are available on the Company's
website, http://www.home24bank.com/, under "Investor Relations". We
do not undertake to update forwardlooking statements to reflect
circumstances or events that occur after the date the
forwardlooking statements are made or to reflect the occurrence of
unanticipated events. DATASOURCE: Home Bancorp, Inc. CONTACT: John
W. Bordelon, President and CEO of Home Bancorp,
Inc.,+1-337-237-1960 Web Site: http://www.home24bank.com/
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