LAFAYETTE, La., Sept. 15, 2015 /PRNewswire/ -- Home Bancorp, Inc.
(NASDAQ: HBCP) ("Home Bancorp"), the holding company of the
107-year-old Home Bank, N.A. (www.home24bank.com) announced the
completion of its acquisition of Louisiana Bancorp, Inc. (NASDAQ:
LABC) ("Louisiana Bancorp"), the holding company of the
106-year-old Bank of New Orleans
("BNO"). The combined company has total assets of
approximately $1.5 billion,
$1.2 billion in loans and
$1.2 billion in
deposits.
"Since announcing our merger plans in June, we have enjoyed
welcoming BNO's customers and employees to the Home Bank family,"
said John W. Bordelon, President and
Chief Executive Officer of Home Bancorp. "The combination of these
two historic banks significantly enhances our ability to serve
businesses and individuals across the Greater New Orleans region."
"On behalf of our Board of Directors, I'd like to thank our
employees for their incredible commitment to building such a
wonderful company over the years," said Lawrence J. LeBon, III, Chairman, President and
Chief Executive Officer of Louisiana Bancorp. "We are pleased
to have joined forces with the dedicated team at Home Bank.
The merger is a win-win for our shareholders and customers. I
know Home Bank will do a great job building upon and enhancing the
customer relationships we have developed over the years."
Home Bank plans to convert the branch and operating systems of
the former BNO locations to those of Home Bank in January
2016. Home Bancorp anticipates this transaction will be
accretive to earnings per share in the first full year of combined
operations and accretive to tangible book value per share within
approximately 3.5 years of closing. Following the merger,
Home Bank's capital position remains strong with leverage and total
risk-based capital ratios above 8.6% and 12.7%, respectively.
No additional capital was needed to complete the
transaction.
Shareholders of Louisiana Bancorp will receive $24.25 per share in cash, resulting in an
aggregate deal value of $74.5
million.
This news release contains certain forward‑looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward‑looking statements do not relate strictly to historical or
current facts. Forward-looking statements reflect
management's current views and estimates of future economic
circumstances, industry conditions, company performance and
financial results. 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." Forward‑looking
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 forward‑looking
statements. Forward-looking statements regarding the
transaction are based upon currently available
information.
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: the possibility that the anticipated benefits
from the transaction are not realized in the time frame anticipated
or at all as a result of changes in general economic and market
conditions, interest rates, laws and regulations and their
enforcement, and the degree of competition in our markets; the
ability to promptly and effectively integrate the businesses of the
companies; the reaction of the companies' customers to the
transaction; diversion of management time on merger-related issues;
changes in asset quality and credit risk; the inability to sustain
revenue and earnings; and competitive conditions.
Home Bancorp's Annual Reports on Form 10-K and other reports
describe some additional factors which could cause actual
conditions, events or results to differ significantly from those
described in forward-looking statements.
Forward‑looking statements speak only as of the date they are
made. Copies of the Home Bancorp's reports are available in
the Investor Relations section of its website,
www.home24bank.com. We do not undertake to update
forward‑looking statements to reflect circumstances or events that
occur after the date the forward‑looking statements are made or to
reflect the occurrence of unanticipated events.
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SOURCE Home Bancorp, Inc.