Community Bancorp of Louisiana, Inc. and United Community Bancshares, Inc. to merge
Raceland, LA – Community Bancorp of Louisiana, Inc., parent bank holding company of Community Bank headquartered in Raceland, and United Community Bancshares, Inc., parent bank holding company of United Community Bank headquartered in Gonzales, La., announced that they have entered into a definitive agreement providing for the merger of United Community Bancshares with and into Community Bancorp of Louisiana.
The merger of these companies, which have the same majority ownership, will create a bank holding company with over $600 million in total consolidated assets that serves six Southern Louisiana parishes.
Community Bank, which is headquartered in Raceland, operates from eight locations in Lafourche, Terrebonne, Assumption and St. John the Baptist parishes. United Community Bank, which is headquartered in Gonzales, operates from five locations in Ascension and East Baton Rouge parishes.
Following completion of the merger, the combined holding company will continue to operate under the name of “Community Bancorp of Louisiana, Inc.” The merger is expected to close during the fourth quarter of 2014.
Following completion of the merger, it is anticipated that the combined holding company will initiate steps to merge the Community Bank and United Community Bank during the first quarter of 2015, with the goal of completing the bank merger and operational integration early in the second quarter of 2015.
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Posted on Tue, September 30, 2014
by Associated Press