BancPlus
in Ridgeland, Miss., has agreed to buy First Trust in New Orleans.
The $5.1
billion-asset BancPlus said in a press release Wednesday that it expects to complete
the purchase of the $1.3 billion-asset First Trust in the first quarter. It did
not disclose the price it will pay.
First Trust
has 14 branches, $1.2 billion of deposits and $1.1 billion of loans in
Louisiana, Mississippi and Florida.
“We are
very excited about this partnership and the opportunity that it presents for
our combined clients, team members, and shareholders,” Bill Ray, BankPlus’ president
and CEO, said in the release.
“We are committed to this region and we believe
that combining two like-minded, community-focused banks will benefit our
stakeholders and the region that we serve,” Ray added.
Keefe,
Bruyette & Woods, Jones Walker and Covington & Burling advised
BancPlus. Piper Sandler and Phelps Dunbar advised First Trust.
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