Corrected: Louisana Holding Company to Acquire First State Bank

by Arkansas Business Staff  on Thursday, Jan. 11, 2018 4:20 pm   2 min read

Capital Bancorp Inc. of Delhi, Louisiana, recently announced that it will acquire Evergreen Bancshares Inc. and its subsidiary, First State Bank, both of Crossett.

Capital Bancorp is the parent holding company for Commercial Capital Bank of Delhi, Louisiana.

First State Bank is a full-service bank with approximately $35.7 million in total assets, and it operates from two locations in Crossett. Evergreen Bancshares and First State Bank have been primarily owned and operated by the Griffin family since 1972.

The transaction was unanimously approved by the boards of directors of both institutions and is expected to be completed in the second quarter of 2018, subject to customary conditions and shareholder and regulatory approvals.

In connection with the closing of the transaction, First State Bank will merge into Commercial Capital Bank, which will continue as the surviving bank.

Upon completion of the transaction, Commercial Capital Bank will approach $200 million in total assets and expand its existing footprint in Richland, Morehouse and West Carroll Parishes of Louisiana into the adjacent Ashley County in Arkansas.

“We are excited for First State Bank, its customers, Crossett, and the Ashley County community that First State has been able to partner with Commercial Capital to create in our community a full-service bank with approximately $200 million in deposits and over $23 million in capital,” Richard Griffin, chairman of First State Bank and Evergreen Bancshares, said in a news release. “Commercial Capital brings a wealth of knowledge and experience in all types of agricultural lending that will be very beneficial to the farmers of Ashley County. Fortunately, Howard Beaty and all of the officers and bank employees will remain to lead the Ashley County branch of the combined institution.”

Howard Beaty, president and CEO of First State Bank, said in the release, “We are pleased to become a part of a strong, well-managed, community bank like Commercial Capital. The larger bank will allow us to provide our customers with expanded products and services, as well as larger lending limits for our commercial clients. We are extremely proud of the value that we have delivered to our shareholders and are excited about what the future holds for the combined company."

National Capital LLC acted as financial advisor and Fenimore, Kay, Harrison & Ford LLP acted as legal advisor to Capital Bancorp Inc. and Commercial Capital Bank. Jackson Walker LLP acted as legal advisor to Evergreen Bancshares and First State Bank.

(Correction: A previous version of this article stated that Capital Bancorp Inc. was based in Rockville, Maryland. Capital Bancorp Inc. is based in Delhi, Louisiana. We have corrected the error.)

 

 

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